PM Shehbaz Cuts Petrol Price: Government Passes On Benefit Of Falling Oil Prices And Reopened Strait Of Hormuz To Public
According to Dawn, Prime Minister Shehbaz Sharif announced on Friday a Rs74 cut in petrol prices and a Rs67 cut in high-speed diesel, as falling international oil prices finally reach Pakistani consumers.
Once notified, petrol will drop to Rs299.78 per litre and diesel to Rs311.78, down from Rs373.78 and Rs378.78. The relief follows weeks of painful hikes after the US-Iran war shut the Strait of Hormuz, including a Rs55 increase in March alone that was branded an “inflation bomb.” With the Strait reopened and regional tensions easing, the government is finally reversing course.
“We are now fulfilling the promise we made to the nation,” Shehbaz said.
This matters because petrol and diesel prices ripple through everything in Pakistan, from rickshaw fares to power generation costs, hitting the middle and lower-middle classes hardest.
A war thousands of miles away inflated pump prices here for months. Its ceasefire is finally giving ordinary Pakistanis their money back.
Check out our previous coverage of Pakistan’s economy and energy markets here.
