Prime Minister Shehbaz Sharif addresses the nation on Friday. SCREENGRAB
Prime Minister Shehbaz Sharif on Friday announced a reduction of Rs135 per litre in the price of high-speed diesel and a cut of Rs12 per litre for petrol.
Addressing the nation late on Friday night, the prime minister said he was speaking “at such a historic moment when, by the grace of Allah, there is talk of peace in the Middle East instead of war,” and that parties which “were until yesterday facing each other in war, and the region presenting a scene of devastation, are now ready to resolve the crisis through talks.”
He thanked the Iranian and United States leadership for accepting his offer and agreeing not only to a temporary ceasefire but also coming to Islamabad on his invitation, where he said dialogues would be held to establish peace.
He categorically thanked Field Marshal Asim Munir and Deputy Prime Minister and Foreign Minister Ishaq Dar for playing a key and historic role in extinguishing the flames of war and persuading the parties to agree to negotiations. “In this regard, Field Marshal Asim Munir’s services will be remembered in history in golden words,” he added.
The prime minister said that a temporary ceasefire had been announced, but a more difficult phase now lay ahead — a lasting ceasefire and resolving the outstanding issues through negotiations — calling it a “make or break” situation. He appealed to the public to pray that Allah, in His infinite mercy, may make these negotiations successful, saying this would save many innocent lives and help establish peace in the world.
He added that the leadership of both countries would be present in Islamabad the following day, and that the Pakistani leadership would make every possible sincere effort to ensure the success of the talks, leaving the outcome to Allah Almighty.
“For this purpose, the leadership of both countries will be present in Islamabad the following day, and the Pakistani leadership will make every possible sincere effort to ensure the success of these talks,” he said, while adding that the outcome of the talks is left to Allah Almighty.
He said that since the “storm of unprecedented inflation” had begun, he had promised the public that as soon as international fuel prices declined, the benefit would be passed on to them immediately.
PMShehbaz said that today there had been some reduction in fuel prices in the international market, and he was advised that, to offset the Rs129 billion spent by the government in recent weeks to shield the public from rising prices, part of the relief could be passed on to consumers while retaining some portion to reduce those expenditures.
“I rejected this proposal without a moment’s delay,” he said, adding that when prices were “touching the sky” and the burden of inflation had fallen on the public, he had witnessed their patience in bearing the hardship.
The premier said that now that prices had declined, he considered it his moral and political responsibility to pass on the full benefit to the people.
While specially mentioning the wheat harvesting season, he said it was very important to reduce input costs. “If this is not done, not only will the farmer’s hard work go to waste, but food items for the common people will also become more expensive,” he said.
Announcing the reduction in petroleum prices, the prime minister said, “Therefore, I announce an immediate reduction of Rs135 per litre in the price of diesel. The price of diesel, which currently stands at Rs520 per litre, will be reduced to Rs385 per litre from midnight tonight.”
He added that this would not only bring ease to the agricultural sector but would also significantly reduce public transport costs for the common man.
“Similarly, the price of petrol, for which I had announced a reduction of Rs80 per litre last week, is being reduced further by Rs12 per litre,” he said, adding that the petrol price would come down from Rs378 to Rs366 per litre from midnight.
While announcing the latest reduction in petroleum prices, the prime minister said that the targeted subsidy for two-wheelers and public transport, introduced in consultation with all four provincial governments, would continue to remain available for the public.
Continuing his address, PM Shehbaz said that his government, in coordination with the provincial governments, had never left the people alone even in the most difficult circumstances. “When international market prices had spiralled out of control, and a wave of difficulties had emerged, even then my first priority was you,” he said.
Last month, the government increased the prices of petroleum products by Rs55 per litre, citing a rise in international market rates amid the US-Iran war in the Middle East.
Officials said that for the next three weeks, the government refrained from further price increases, with the prime minister bearing the brunt of the adjustment by providing a subsidy of Rs129 billion.
However, on April 2, the government raised the petrol price by Rs137 per litre, taking it to a record Rs458.4, while also increasing the price of high-speed diesel to Rs520.35 per litre — an increase of Rs185 per litre or 55 per cent.
Shortly after the announcement, within 24 hours, PM Shehbaz reduced the petroleum levy on petrol by Rs80 per litre, bringing the petrol price down to Rs378 per litre.
