Web Desk: Prime Minister Shehbaz Sharif said on Friday that the government would announce a significant reduction in petrol prices, citing a sharp decline in global oil prices following a recent regional ceasefire.
Speaking about the country’s economic outlook, PM said international oil prices had begun falling rapidly after tensions eased in the region.
He noted that oil prices surged when the conflict erupted, fueling inflation and increasing financial pressure on households and businesses.
However, the prime minister said the government had worked to shield citizens from the worst effects of rising prices and was now in a position to pass on relief as energy costs decline.
“We will announce weekly petroleum prices today, and there will be a significant reduction in petrol prices,” PM said.
The expected price cut could provide relief to consumers who have faced months of inflationary pressure driven by higher energy and transportation costs.
Furthermore, Sharif expressed optimism that global oil prices would continue to decline, creating additional room for economic relief measures in the coming weeks.
The prime minister said lower fuel costs would help reduce inflation and support broader economic recovery efforts.
He also struck an optimistic tone about the country’s future, saying Pakistan was moving beyond a difficult period and toward greater economic stability.
“The sun of progress and prosperity is about to rise,” Sharif said, highlighting what he described as improving economic conditions and growing public confidence.
In addition, the prime minister pointed to Pakistan’s diplomatic engagement and efforts to support regional peace, saying those developments had strengthened national unity and optimism.
Economists often view falling oil prices as a positive development for oil-importing countries such as Pakistan, as lower energy costs can ease inflationary pressures and reduce import expenses.
The government is expected to announce revised petroleum prices later today.
