Petrol prices fall by Rs80 as Prime Minister announces new rate

ISLAMABAD: Prime Minister Shahbaz Sharif announced a significant reduction in petrol prices, cutting Rs80 per liter and setting the new rate at Rs378 per liter.

Speaking to the nation, the Prime Minister stated that the levy on petrol has also been reduced by Rs80 per liter. The new price will take effect from midnight tonight and will remain applicable nationwide for the next month.

In his address, PM Shahbaz Sharif also announced that cabinet members will deposit six months of their salaries into the government treasury, instead of the previously planned two months.

The Prime Minister highlighted that small trucks will receive Rs70,000 per month in subsidies, large trucks Rs80,000, and public transport Rs100,000 per month. Freight vehicles will also benefit from a subsidy of Rs100 per liter of fuel.

Additionally, small farmers will receive Rs1,500 per acre in financial assistance, and no increase will be made in economy-class railway fares. The Prime Minister expressed gratitude to provincial chief ministers for providing resources promptly to support these national measures.

Earlier this week, the government had announced a sharp increase in petroleum prices, raising petrol by Rs137.24 per liter and diesel by Rs184.49 per liter. This hike had set petrol prices at Rs458.41 per liter and diesel at Rs520.35 per liter.

PM Shahbaz Sharif acknowledged the global surge in oil prices and the resulting inflation, stressing the need for immediate relief for the general public while resources remain limited.