Govt slashes petrol price by Rs74 per litre, diesel by Rs67

Islamabad  (Web Desk): The federal government on Friday announced a massive reduction in petroleum prices, cutting the price of petrol by Rs74 per litre and diesel by Rs67 per litre after a sharp decline in international crude oil prices and improving geopolitical conditions in the Middle East.

The move comes amid easing tensions in the region following the reported US-Iran peace agreement, which was facilitated through diplomatic efforts involving Pakistan.

The development has helped stabilize global energy markets and contributed to a drop in oil prices.

Another key factor behind the decline was the reopening of the strategic Strait of Hormuz, one of the world's most important oil transit corridors.

The restoration of shipping activity through the waterway has eased concerns over potential supply disruptions and helped push crude prices lower.

Officials said the government decided to pass on the benefit of falling international oil prices directly to consumers, providing substantial relief to households and businesses already burdened by inflation and high transportation costs.

Earlier today, Prime Minister Shehbaz Sharif, while speaking in the National Assembly, stated that the government is set to announce a 'substantial reduction' in the prices of fuel as international oil markets continued to decline following a US-Iran agreement aimed at ending months of conflict.

He assured the public that the government would honour its commitment to transfer the benefits of lower global oil rates directly to consumers.