Prime Minister Shehbaz Sharif on Friday announced steep cuts in petroleum prices, reducing petrol by Rs74 per litre and diesel by Rs67 per litre, with the new rates taking effect at midnight.

The Ministry of Finance will issue a formal notification shortly.

Once notified, the price of petrol will stand at Rs299.78 and high-speed diesel (HSD) at Rs311.78, down from Rs373.78 and Rs378.78 per litre, respectively.

Speaking in the National Assembly earlier in the day, PM Shehbaz vowed a “significant” reduction in fuel prices, as tensions eased in the Middle East following the US-Iran peace deal and the restoration of energy shipping in the Strait of Hormuz.

“We promised this, and Alhamdulillah, we are delivering on that promise,” he said.

The prime minister said the government had saved Rs129 billion through an austerity drive and that better planning had helped avert an energy crisis.

He thanked the chief ministers of all provinces for their cooperation in managing economic pressures.

PM Shehbaz said measures had been taken to shield the public from inflation and that the benefit of lower global oil prices was now being passed on directly to consumers.

This is a developing story… follow for more…