PM Shehbaz announces major petrol price cut amid drop in global oil prices
Why this matters: local context for readers following news across Pakistan and the region.
Prime Minister Shehbaz Sharif on Friday announced a major cut in petroleum prices later in the day amid a sharp fall in global oil prices. Speaking in the National Assembly, he said that the international oil prices had fallen sharply following the easing of regional tensions. “The decline in international oil prices has been substantial, and there is a strong possibility they may fall even further,” Shehbaz Sharif said, adding that the government had allocated Rs128 billion to shield citizens from the effects of rising fuel costs and inflation during the period of regional instability. He expressed optimism that Pakistan and Iran were set to enter a fresh phase of economic growth, stronger cooperation, and improved bilateral relations after the signing of the Islamabad Memorandum of Understanding (MoU). He said Pakistan had received international appreciation for helping facilitate the peace agreement, describing it as a proud achievement for the country. “Pakistan is being recognised globally for contributing to this important peace breakthrough,” the premier said, adding that the development demonstrated the country’s increasing importance on the diplomatic front. The PM also praised Field Marshal Syed Asim Munir, crediting him with playing the leading role in efforts aimed at restoring peace in the region. He further acknowledged the contributions of Deputy Prime Minister Ishaq Dar and Interior Minister Mohsin Naqvi for their efforts. Calling for political unity, Shehbaz urged opposition parties to stand alongside the government in presenting a united national front, saying the success was an achievement for the entire country. He revealed that he had spoken by telephone a day earlier with Iranian President Masoud Pezeshkian, who thanked Pakistan and its people for supporting Iran during a difficult time. The PM said he had invited the Iranian president to visit Pakistan, assuring him that the people of Pakistan would warmly welcome him whenever he arrives. Acco