ISLAMABAD: Prime Minister Shehbaz Sharif has announced a major reduction in the petrol price, lowering it by Rs80 per litre. The new petrol price will now stand at Rs378 per litre across Pakistan.
In a national address, the prime minister said that rising global oil costs have created serious economic pressure in many countries. He noted that the sharp increase in international energy prices has also affected Pakistan. According to him, limited national resources make the situation more challenging for the government.
The prime minister stated that the government understands the financial difficulties faced by ordinary citizens. He added that the decision to revise the petrol price was taken after detailed discussions between economic and energy officials.
He explained that the finance and petroleum ministries had earlier announced measures following consultations with key stakeholders. Later, a high-level meeting was held at the Presidency. The meeting included national leadership, the four provincial chief ministers, and the prime minister of Azad Kashmir.
During the meeting, leaders discussed ways to reduce the economic burden caused by rising fuel costs. The government also reviewed steps to stabilize the petrol price and support different sectors of the economy.
Prime Minister Shehbaz Sharif expressed hope that peace and stability in the region would help ease economic pressures. He also announced several subsidy programs aimed at helping transporters and farmers.
Under the new support package, small trucks will receive a monthly subsidy of Rs70,000. Large trucks will receive Rs80,000 per month. Public transport vehicles will get Rs100,000 in monthly assistance.
The government also announced a subsidy of Rs100 per litre for freight transport vehicles. This step aims to control rising transport costs and prevent further increases in the prices of essential goods.
Farmers will also receive support under the new plan. Small farmers will be given Rs1,500 per acre as financial assistance to help reduce agricultural costs.
In addition, the government confirmed that economy class train fares will not increase despite fuel price fluctuations.
The prime minister thanked the provincial chief ministers for cooperating with the federal government. He said their commitment to share resources will help implement the relief measures.
In other news read more about Petrol Levy Hits Record Level As Fuel Prices Soar in Pakistan
So far, the government has announced petroleum-related subsidies worth Rs129 billion. Officials say these steps aim to reduce the economic burden caused by rising petrol price trends and global energy market pressures.
