Prime Minister Shehbaz Sharif on Friday announced a reduction in petroleum prices, cutting high-speed diesel by Rs135 per litre and lowering petrol by Rs12, as the government moved to provide relief amid easing global oil prices.

In a televised address to the nation, the premier said diesel prices had dropped from Rs520 to Rs385 per litre, while petrol would now be available at Rs366 per litre.

PM Shehbaz said the move fulfilled his promise to pass on the benefit of declining international oil prices to the public, acknowledging that the country had faced a severe wave of inflation.

“I had promised that whenever oil prices fall, the benefit will be passed on to the people,” he said.

He said that Pakistan will host high-stakes talks between the United States and Iran in Islamabad on Saturday, saying both sides had accepted his proposal for dialogue.

“Matters are being resolved through dialogue,” he said, thanking the leadership of both countries.

“Iran and the United States have accepted my proposal, and their leadership is arriving in Islamabad.”

The prime minister described the development as a moment of pride, saying Pakistan had been granted the honour of hosting peace efforts.

“This is not just a proud moment for Pakistan but for the entire Muslim world,” he said.

PM Shehbaz said Pakistan’s leadership had played a careful yet confident role in securing a temporary ceasefire, while praising the country’s military leadership, including Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir, for their efforts.

“The Field Marshal and his team worked tirelessly to extinguish the flames of war and bring both sides to the negotiating table,” he said.

He cautioned that achieving a lasting ceasefire would be more difficult than securing the initial truce.

“The next phase is even more challenging. This is a make-or-break stage,” he said, referring to efforts to resolve complex and longstanding issues.

PM Shehbaz urged the nation to pray for the success of the negotiations and for global peace, adding that Pakistan’s leadership would continue working to ensure a positive outcome.

“Both countries will be present in Islamabad tomorrow, and we will make every effort to make these talks successful,” he said.

The prime minister reiterated that dialogue remains the only viable path forward and said Pakistan would continue to play a constructive role in promoting regional stability.

The announcement comes as Islamabad ramps up security and administrative preparations for the US-Iran talks, widely seen as critical for regional peace and global energy stability.