ISLAMABAD — Prime Minister Shehbaz Sharif on Friday told the National Assembly that Pakistan will announce a significant cut in petrol and diesel prices later today, crediting falling international crude rates after the ceasefire between the United States and Iran.
Addressing lawmakers in Islamabad, Sharif said his government had promised to pass on every benefit of falling global oil prices to ordinary Pakistanis and that the promise was now being fulfilled with a major price revision.
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Why Petrol Prices Are Falling in Pakistan
Pakistan’s petrol and diesel prices hit record highs earlier this year amid the US-Iran conflict, which disrupted regional oil supplies and pushed global crude prices sharply upward. Petrol had climbed to roughly Rs458 per litre at the peak of the crisis, before the government began rolling back prices in stages as tensions eased.
With a peace agreement between Washington and Tehran now in place, global benchmark crude has retreated, easing the pressure that drove Pakistan’s fuel costs to record levels. Sharif told the Assembly that international rates are expected to fall further still, which he said would support a more stable economic outlook for the country.
“Our government promised that when global prices reduced, we would return every penny to the nation,” Sharif said. “So today, a significant cut will be announced.”
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The Petroleum Division is expected to issue an official notification later Friday confirming the exact new per-litre rates for petrol, diesel, and other products. The revision will take effect for the next fortnight, per Pakistan’s standard fuel-pricing cycle.
Pakistan’s Role in the US-Iran Peace Deal
Sharif used the address to highlight Pakistan’s role as a mediator in the US-Iran peace process, pointing to what he described as a major diplomatic success for the country. He told the National Assembly that Iranian President Masoud Pezeshkian had called him to thank Pakistan for its support and had specifically acknowledged the contribution of Field Marshal Asim Munir.
According to Sharif, Pezeshkian has accepted an invitation to visit Pakistan, and Tehran has also asked Islamabad to send a delegation to attend the funeral of Supreme Leader Ali Khamenei.
PM Shehbaz Sharif assures Major Petrol Price Cut as Global Oil Prices Fall
The prime minister thanked Deputy Prime Minister and Foreign Minister Ishaq Dar, Interior Minister Mohsin Naqvi, Petroleum Minister Ali Pervaiz Malik, Finance Minister Muhammad Aurangzeb, and Field Marshal Asim Munir for their roles in managing the crisis and the diplomatic process. He also acknowledged opposition leaders, including PPP Chairman Bilawal Bhutto Zardari, for backing a unified national position.
The National Assembly subsequently passed a resolution praising the prime minister and his team for positioning Pakistan as a “trusted neutral mediator” in the conflict and congratulating the leaders of Iran and the United States on the peace agreement.
What Happens Next
Sharif said continued regional stability would support further declines in global commodity prices and strengthen Pakistan’s economic position. He also pointed to closer bilateral ties with Iran going forward, framing the de-escalation as an opportunity for expanded trade and cooperation between the two neighbors.
The official notification on revised petroleum prices is expected later Friday.
This is a developing story and will be updated as official price figures are confirmed.
