Pakistan Cuts Fuel Prices as Global Oil Market Eases Following US-Iran Peace Deal

Islamabad: Pakistan has cut fuel prices following the easing of the global oil market crisis after the peace agreement between the US and Iran. Pakistani media reported that petrol prices have been cut by Rs 74 per litre and diesel by Rs 67 per litre. Prime Minister Shehbaz Sharif said the government is passing on the full benefit of the decline in international oil prices to the public.

With this cut, the price of petrol will fall from Rs 373 to Rs 299 per litre, while diesel will come down from Rs 378 to Rs 311 per litre. An official notification on the revised prices is yet to be issued. A statement from the Prime Minister's Office said the government is passing on to the people the benefits of both the improvement in the local economic situation and the fall in international oil prices.

"We are now fulfilling the promise we made to the nation. We fully understand the hardships faced by the people. You have shown extraordinary patience and resilience during these difficult times. Thank you for standing by the government through these challenging periods," Shehbaz Sharif said in the statement.

Fuel prices in Pakistan had hit their highest-ever level on April 3, when the government raised petrol prices by Rs 137.24 and diesel by Rs 184.49, pushing them up to Rs 458.4 and Rs 520.35 per litre respectively. Following widespread public outrage over the hike, petrol prices had subsequently been brought down to Rs 378.