Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Friday indicated that the government is set to announce a ‘substantial reduction’ in the prices of fuel today (Friday) as international oil markets continued to decline following a US-Iran agreement aimed at ending months of conflict.
Speaking in the National Assembly (NA), he said the time had come for the routine weekly review of petroleum prices and assured the public that the government would honour its commitment to transfer the benefits of lower global oil rates directly to consumers.
The prime minister said that a sizeable cut in fuel prices would be revealed shortly.
PM Shehbaz said that oil prices around the world had dropped sharply after Washington and Tehran signed a memorandum of understanding to halt hostilities and bring an end to a war that had persisted for more than three months. He expressed optimism that the downward trend in oil prices would continue.
Reflecting on the economic impact of the conflict, the premier said that the war involving the US, Israel and Iran had triggered a steep rise in petroleum prices, creating intense inflationary pressure.
He noted that while Pakistanis had shown resilience and made sacrifices to protect the country's economy, the federal government had stepped in with Rs128 billion in support measures to keep inflation under control and provide relief to citizens.
PM Shehbaz said the country was now moving toward a more positive economic phase and expressed confidence that a period of growth and prosperity was within reach.
Turning to foreign affairs, the premier said that Pakistan had gained considerable international recognition for its role in helping bridge differences between the US and Iran. He said that many nations had spent decades trying to earn such diplomatic prestige, while Pakistan had achieved a respected position on the global stage.
The prime minister added that Pakistan's name was being spoken of with appreciation across different parts of the world, from East Asia and the Middle East to North Africa and the Americas.
PM Shehbaz called on lawmakers to approve a parliamentary resolution acknowledging the country's contribution to peace efforts, saying such a move would not only celebrate an important diplomatic accomplishment but would also demonstrate national unity before the international community.
He urged both treasury and opposition members to rise above political divisions on issues of national importance and send a clear message that Pakistan remains united when it comes to protecting and advancing the country's interests.
The prime minister said it was necessary to recognise those who had played a key role in the peace process.
PM Shehbaz particularly praised Chief of Army Staff (COAS) and Chief of Defence Forces (CDF) Field Marshal Syed Asim Munir, saying he had worked relentlessly over the past two to three months, sacrificing rest and dedicating himself to efforts aimed at achieving peace.
He also acknowledged the contributions of Deputy Prime Minister and Foreign Minister Ishaq Dar, while thanking Interior Minister Mohsin Naqvi for his role played during matters related to Iran.
The premier also congratulated opposition leader Mehmood Khan Achakzai, members of the opposition benches and Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari and allied parties for supporting the national effort.
Sharing details of his recent diplomatic engagements, PM Shehbaz said he had spoken with Iranian President Masoud Pezeshkian by telephone on Thursday evening.
He said that their conversation, the Iranian leader repeatedly conveyed his appreciation to both the prime minister and the people of Pakistan for standing by Iran during difficult times.
PM Shehbaz said he invited President Pezeshkian to visit Pakistan, stressing that the two countries share bonds that go beyond geography and are rooted in brotherhood and mutual respect.
He said that the Iranian president warmly accepted the invitation and expressed his intention to visit Pakistan soon to personally thank its people.
The premier also revealed that President Pezeshkian had invited him to attend the funeral ceremonies of Iran's assassinated Supreme Leader, Ayatollah Ali Khamenei, on July 3-4.
Responding to the invitation, the prime minister said Pakistan would be represented at the ceremonies by an official delegation.
He added that the occasion would provide an opportunity to demonstrate Pakistan's respect for the late Iranian leader and reaffirm the commitment of both countries to closer cooperation in the future.
PM Shehbaz expressed hope that the ceasefire would contribute to greater regional stability and open the door to enhanced economic development across the region.