Petrol Prices to Decrease as PM Shehbaz Sharif Promises Major Relief

Prime Minister Shehbaz Sharif announced on Friday that Pakistan will significantly decrease petrol prices, citing a decline in global oil prices following the US-Iran peace agreement, in which Pakistan mediated. Addressing the National Assembly, Sharif stated the government would announce a substantial reduction after its weekly review, reiterating a promise to provide relief. He praised his cabinet and provincial chief ministers for managing the oil crisis and supporting relief efforts, recalling that the federal government spent Rs128 billion during the previous surge in international oil prices. The Strait of Hormuz has reopened, easing supply concerns, which previously caused petrol prices to climb from Rs258.17 to Rs458.41 per litre. This reduction directly benefits middle-income and lower-income households and is crucial for Pakistan's transport and agricultural sectors.