Pakistan Slashes Fuel Prices Amidst Economic Pressure

Pakistan's Prime Minister Shehbaz Sharif announced a significant reduction in petrol prices following public outcry. The government reduced the petrol levy by PKR 80 per litre, setting the new price at PKR 378 per litre. Various relief measures and subsidies were announced to support vulnerable groups during the economic turmoil.

Amidst an unprecedented public backlash over soaring fuel prices, Pakistan's Prime Minister Shehbaz Sharif has announced a significant reduction in petrol costs. In a late-night address, Sharif disclosed that the government decided to slash the petrol levy by PKR 80 per litre, reducing the price to PKR 378 per litre.

The announcement followed a previous hike in petrol and diesel prices, which saw an increase to PKR 458.41 per litre for petrol. This created a public demand to decrease the levy. To address the economic burden, the government introduced relief measures, including subsidies for motorcycle users, goods transport, and passenger vehicles.

Sharif underlined the impact of the regional situation on fuel prices but assured citizens of continued efforts to stabilize costs. Further measures included financial aid for farmers and price stability for train commuters. Despite global disruptions, Sharif reiterated the government's commitment to shielding citizens from inflationary shocks.

(With inputs from agencies.)