Islamabad : Prime minister , Shahbaz Sharif , on Friday announced Rs 74 per litre and Rs 67 per litre diesel with immediate effect.
With the new reduction, the price of a litre reduced to Rs 299 and diesel by Rs 311 .
The new rates of the petroleum products will come into force from June 20,2026 for a week. The government makes adjustments in the oil prices on weekly basis.
Prime minister , Shahbaz Sharif , had earlier told the national assembly in his address that his government will uphold its promise to cut the prices of petroleum products as crude oil shapely declines in the global market due to signing of the memorandum of understanding (MoU) with end the war in the Middle East (ME).
Oil prices in Pakistan had gone all time with start of the war in the ME and it had brought spiral affect on the needs of the people. The government was facing huge criticism for hacking up the oil prices during the ME war.
Now when the war has come to a halt and the crude prices have gone down massively , the government has passed on its benefit, around half of the real relief, to the people by cutting down the rates of oil.
