ISLAMABAD: Pakistan’s prime minister on Friday cut petrol prices by Rs80 ($0.29) per liter, a day after the government sharply raised fuel prices in response to the global oil shock triggered by the Iran war.
The decision lowers petrol prices from Rs458.41 ($1.65) to Rs378 ($1.36) per liter from midnight (Saturday), partially reversing Thursday’s increase, when the government raised petrol by Rs137.24 ($0.49) per liter and diesel by Rs184.49 ($0.66) per liter. Diesel was raised to Rs520.35 ($1.87) per liter on Thursday.
The rollback comes after the government on Thursday said it was passing on rising international oil costs caused by the conflict involving the United States, Israel and Iran, which has disrupted global energy markets and shipping routes, particularly through the Strait of Hormuz, a critical artery for oil supplies.
In his address, Prime Minister Shehbaz Sharif said the government had already announced targeted subsidies for motorbike users, farmers, freight transport and public transport but had decided broader relief was also needed after consultations with national and provincial leaders because higher fuel prices would still leave households under pressure.
“With this in mind, I would like to announce today that the price of petrol, which is Rs. 458 per liter, will be reduced to Rs. 378 per liter,” Sharif said.
