Govt cuts petrol price by Rs74, diesel by Rs67 per litre from June 20

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a major reduction in petroleum prices, cutting petrol by Rs74 per litre and diesel by Rs67 per litre.

Under the new pricing structure, the petrol price will fall from Rs373 per litre to Rs299 per litre, while high-speed diesel will decline from Rs378 per litre to Rs311 per litre, providing relief to households, transporters, farmers and industries across the country.

In a statement issued by the Prime Minister’s Office, the premier said the government was immediately transferring the benefit of lower global oil prices to the public and fulfilling a commitment made to the nation during a period of economic uncertainty and elevated energy costs.

The reduction is expected to ease transportation costs nationwide, lower input expenses for the agriculture sector and reduce fuel expenditure for millions of consumers. Economists also expect the move to help moderate inflationary pressures, particularly in the food and transport sectors, which are heavily influenced by fuel prices.

Prime Minister Shehbaz Sharif said the government fully understood the hardships faced by citizens and acknowledged the patience shown by the public during the crisis period. He thanked the people for supporting government efforts during difficult economic conditions.

The prime minister said the federal government had spent Rs129 billion through savings generated from development allocations and austerity measures to shield consumers from the full impact of international oil price increases during the crisis.

According to the statement, these resources enabled the government to provide relief and prevent a sharper rise in domestic fuel prices.

He said that despite regional economic challenges and volatility in energy markets, Pakistan avoided an energy supply crisis through planning and coordination. Unlike some countries that resorted to fuel rationing, Pakistan maintained uninterrupted fuel supplies throughout the period.

The premier said government efforts ensured that consumers did not face shortages of petroleum products, long queues at fuel stations or disruptions in energy availability. He credited coordinated action by federal and provincial authorities for maintaining stability in the country’s fuel supply chain.

Prime Minister Shehbaz also thanked provincial chief ministers for their cooperation in helping the federal government manage economic challenges and maintain macroeconomic stability. He said federal and provincial governments worked together to protect citizens from the effects of global inflation.

Reaffirming the government’s commitment to economic stability, the premier said any future decline in international oil prices would continue to be transferred to consumers in full. He added that the government would maintain efforts to reduce inflation and support economic recovery.

The statement further said that austerity measures were implemented across government institutions during the crisis period, while targeted subsidies were provided to vulnerable segments of society to cushion the impact of rising living costs.

Prime Minister Shehbaz Sharif described public relief as the government’s foremost priority and pledged to continue policies aimed at maximising benefits for citizens.

The premier also linked the latest economic relief to what he described as Pakistan’s successful diplomatic efforts in helping restore peace in the Middle East. He said Pakistan’s mediation contributed to easing regional tensions and resulted in the signing of the Islamabad Memorandum of Understanding, which he termed a historic document.

He said the development brought honour to Pakistan and its people and reflected the country’s growing diplomatic role in promoting regional peace and stability.

Prime Minister Shehbaz paid tribute to Field Marshal Syed Asim Munir, saying his professional capabilities and efforts played a key role in making the peace agreement possible. He also praised Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, Interior Minister Syed Mohsin Raza Naqvi and other members of the government’s diplomatic team for their contributions to the peace initiative.

The prime minister also acknowledged the efforts of the economic management team, including Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Economic Affairs Minister Ahad Khan Cheema, Petroleum Minister Ali Pervaiz Malik, as well as senior officials from the finance and petroleum ministries and the Federal Board of Revenue.

He said their collective efforts helped the country navigate a challenging economic environment while protecting consumers from the full impact of global energy market volatility.