Prime Minister Shehbaz Sharif on Friday announced a massive reduction in petroleum prices, cutting petrol by Rs74.28 per litre and high-speed diesel by Rs67.31 per litre, with the new rates taking effect from midnight.

According to an official notification, the price of petrol has been reduced from Rs373.78 to Rs299.50 per litre, while high-speed diesel has fallen from Rs378.78 to Rs311.47 per litre.

The announcement came hours after the prime minister told the National Assembly that the government would provide significant relief to consumers following a decline in global oil prices and improving regional economic conditions after the US-Iran peace agreement and the restoration of energy shipments through the Strait of Hormuz.

“We promised this, and Alhamdulillah, we are delivering on that promise,” PM Shehbaz said, adding that the full benefit of lower international oil prices was being passed on to the public.

In a statement issued by the Prime Minister’s Office, PM Shehbaz said the government was committed to easing the burden on citizens and acknowledged the patience shown by the public during a period of economic uncertainty and high inflation.

The prime minister said the federal government had utilised Rs129 billion in savings generated through austerity measures and adjustments in the development budget to cushion consumers from sharp increases in fuel prices during the regional crisis.

He said Pakistan had successfully avoided an energy crisis despite volatility in global markets, crediting effective planning and coordination among federal and provincial governments.

“Unlike some countries that had to resort to fuel rationing, Pakistan faced no shortages, queues or supply disruptions,” he said.

PM Shehbaz thanked the chief ministers of all provinces for their cooperation in maintaining economic stability and managing pressures arising from the regional situation.

He said the government would continue pursuing measures aimed at strengthening economic stability and reducing inflation, adding that subsidies had also been provided to vulnerable segments of society during the crisis.

The prime minister further said that improving conditions in the Middle East had contributed to lower oil prices and expressed satisfaction over Pakistan’s role in diplomatic efforts that helped support regional peace and stability.

Providing maximum relief to the public remains the government’s top priority, he added.