Pakistan cuts petrol by PKR 80 a day after record price hike

The price of petrol has been reduced by PKR 80 per liter in Pakistan, a day after a massive hike took fuel prices to a record level.

While addressing the nation on Friday, Prime Minister Shehbaz Sharif said the government has decided to reduce the Petroleum Development Levy (PDL) on petrol from PKR 160 to PKR 80 for a month. The price of petrol is now down from PKR 458 to PKR 378 per litre.

The price will take effect at midnight.

He also unveiled a relief package to ease the financial burden on citizens amid soaring global oil prices.

A subsidy of PKR per liter will be given to motorcyclists for one month.

He also revealed fixed monthly subsidies for transport sectors, including PKR 70,000 for small trucks, PKR 80,000 for large trucks, and PKR 100,000 for public transport buses. The objective of these measures, he said, is to prevent an increase in the prices of essential commodities and transport fares.

The prime minister announced financial assistance of PKR 1,500 per acre for small farmers to help them cope with rising input costs.

The prime minister assured that these relief measures will also apply to Gilgit-Baltistan and Azad Jammu and Kashmir, with the federal government providing the necessary resources.

Regarding Pakistan Railways, he confirmed that fares for economy class passengers will not be increased under any circumstances.

In a gesture of solidarity, Prime Minister Sharif also announced that members of the federal cabinet will deposit six months’ salaries into the national exchequer.

Highlighting the global context of fuel price hike, he said the ongoing conflict in the Gulf region has driven oil prices to unprecedented levels, affecting economies worldwide, including Pakistan.

He acknowledged that inflation has severely impacted ordinary citizens, making it increasingly difficult for them to meet daily needs.

He noted that over the past three weeks, the government has absorbed a burden of PKR 129 billion to shield the public from the full impact of rising oil prices.

The prime minister emphasized that the relief measures were finalized after extensive consultations with the president, provincial chief ministers, and other key stakeholders.

He expressed gratitude to the provincial governments for their commitment and support, stressing that national unity and collective efforts are essential to overcoming the current economic challenges.