ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a significant reduction in fuel prices, cutting petrol by Rs12 and diesel by Rs135 per litre, providing much-needed relief to the public amid fluctuating global oil markets.

In a televised address, the prime minister stated that the new price of petrol has been set at Rs366 per litre, while diesel will now be available at Rs385 per litre. The revised prices will come into effect from April 11.

The premier explained that the decision was made following a noticeable decline in international oil prices. He emphasized that the government aims to pass on the full benefit of reduced global rates directly to the people of Pakistan.

“This reduction reflects our commitment to providing maximum relief to citizens,” he said, adding that further adjustments may be made if global trends continue downward.

The sharp decrease in diesel prices is expected to have a broader economic impact, particularly on transportation and goods delivery costs. Lower fuel prices could help ease inflationary pressure, especially on essential commodities across the country.

Petrol price cuts, on the other hand, will directly benefit daily commuters and middle-income households already struggling with rising living costs.

The announcement comes at a crucial time as Pakistan prepares to host high-level peace talks between the United States and Iran in Islamabad.

The upcoming discussions are being seen as a significant diplomatic opportunity for Pakistan, positioning it as a key player in facilitating dialogue between the two nations.

Officials suggest that the fuel price reduction is part of a broader strategy to stabilize the economy and provide relief amid ongoing global economic uncertainty.

Analysts believe that maintaining lower fuel prices, if sustained, could improve consumer confidence and support economic activity in the coming weeks.