Prime Minister Shehbaz Sharif addresses the nation on Friday. SCREENGRAB
Prime Minister Shehbaz Sharif on Friday announced a reduction of Rs135 per litre in the price of high-speed diesel (HSD) and a cut of Rs12 per litre for petrol.
A press release from the finance ministry said the new prices were Rs385.54 for HSD and Rs366.58 for petrol.
Meanwhile, the prices for kerosene and light diesel oil were reduced to Rs450.15 and Rs369.72 with cuts of Rs17.33 and Rs25.31, respectively.
Last month, the government increased the prices of petroleum products by Rs55 per litre, citing a rise in international market rates amid the US-Iran war in the Middle East. Officials said that for the next three weeks, the government refrained from further price increases, with the prime minister bearing the brunt of the adjustment by providing a subsidy of Rs129 billion.
However, on April 2, the government raised the petrol price by Rs137 per litre, taking it to a record Rs458.4, while also increasing the price of high-speed diesel to Rs520.35 per litre — an increase of Rs185 per litre or 55 per cent. Shortly after the announcement, within 24 hours, PM Shehbaz reduced the petroleum levy on petrol by Rs80 per litre, bringing the petrol price down to Rs378 per litre.
Addressing the nation, the prime minister said that since the “storm of unprecedented inflation” had begun around the start of the US-Iran conflict, he had promised the public that benefits would be passed on to them immediately as soon as international fuel prices declined.
PM Shehbaz said that today there had been some reduction in fuel prices in the international market, and he was advised that part of the relief could be passed on to consumers while retaining some portion to offset the Rs129 billion spent by the government in recent weeks to shield the public from rising prices.
“I rejected this proposal without a moment’s delay,” he said, adding that when prices were “touching the sky” and the burden of inflation had fallen on the public, he had witnessed the public’s patience in bearing the hardship.
The premier said that now that prices had declined, he considered it his “moral and political responsibility” to pass on the full benefit to the people.
While specially mentioning the wheat harvesting season, he said it was very important to reduce input costs. “If this is not done, not only will the farmer’s hard work go to waste, but food items for the common people will also become more expensive,” he said.
Announcing the reduction in petroleum prices, the prime minister said, “Therefore, I announce an immediate reduction of Rs135 per litre in the price of diesel. The price of diesel, which currently stands at Rs520 per litre, will be reduced to Rs385 per litre from midnight tonight.”
He added that this would not only bring ease to the agricultural sector but would also significantly reduce public transport costs for the common man.
“Similarly, the price of petrol, for which I had announced a reduction of Rs80 per litre last week, is being reduced further by Rs12 per litre,” he said, adding that the petrol price would come down from Rs378 to Rs366 per litre from midnight.
While announcing the latest reduction in petroleum prices, the prime minister said that the targeted subsidy for two-wheelers and public transport, introduced in consultation with all four provincial governments, would continue to remain available for the public.
Continuing his address, PM Shehbaz said that his government, in coordination with the provincial governments, had never left the people alone even in the most difficult circumstances. “When international market prices had spiralled out of control, and a wave of difficulties had emerged, even then my first priority was you,” he said.
Islamabad talks
The prime minister said he was speaking “at such a historic moment when, by the grace of Allah, there is talk of peace in the Middle East instead of war” and when parties which “were until yesterday facing each other in war, and the region presenting a scene of devastation, are now ready to resolve the crisis through talks”.
He thanked the Iranian and United States leadership for accepting his offer and agreeing not only to a temporary ceasefire but also coming to Islamabad on his invitation, where he said dialogues would be held to establish peace.
He categorically thanked Chief of Defence Forces and Chief of the Army Staff Field Marshal Asim Munir and Deputy Prime Minister and Foreign Minister Ishaq Dar for playing a “key and historic role in extinguishing the flames of war and persuading the parties to agree to negotiations”.
“In this regard, Field Marshal Asim Munir’s services will be remembered in history in golden words,” he added.
The prime minister said that a temporary ceasefire had been announced, but a more difficult phase now lay ahead — a lasting ceasefire and resolving the outstanding issues through negotiations — calling it a “make or break” situation.
He appealed to the public to pray that the negotiations were successful, saying this would save many innocent lives and help establish peace in the world.
The premier added that the leadership of both countries would be present in Islamabad the following day, and that the Pakistani leadership would make every possible sincere effort to ensure the success of the talks, leaving the outcome to God.
Pakistan is set to host what could prove to be one of the most consequential diplomatic engagements in recent history, as senior leaders from the US and Iran arrive in Islamabad for high-stakes negotiations following a devastating six-week war that has left thousands dead and pushed the global economy to the brink of recession.
The American delegation will be led by Vice President JD Vance, accompanied by President Donald Trump’s key Middle East envoys, Steve Witkoff and Jared Kushner. On the Iranian side, Parliamentary Speaker Mohammad Bagher Ghalibaf is expected to head the delegation, alongside Foreign Minister Abbas Araghchi and other senior officials.
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Islamabad has effectively been placed under an unprecedented security lockdown ahead of the talks. Key routes have been sealed, security personnel heavily deployed, and surveillance heightened to ensure the safety of visiting dignitaries. Officials say the negotiations will take place at a secure, undisclosed location, away from the media spotlight.
