PM Shehbaz announces massive fuel price cut, credits Pakistan’s peace efforts for regional stability

ISLAMABAD, (APP - UrduPoint / Pakistan Point News - 19th Jun, 2026) Prime Minister Shehbaz Sharif on Friday announced a substantial reduction in petroleum prices and said the government was immediately passing on the benefits of declining global oil prices to the public following improved regional economic conditions and the restoration of peace through Pakistan’s diplomatic efforts.

The prime minister said the government was fulfilling its promise to the nation by reducing the price of petrol by Rs74 per litre and diesel by Rs67 per litre, a Prime Minister's Office news release said.

With the latest reduction, the price of petrol will fall from Rs373 to Rs299 per litre, while diesel will decrease from Rs378 to Rs311 per litre, providing significant relief to consumers across the country.

The prime minister said the government fully understood the hardships faced by the people and appreciated their patience and resilience during a period of global economic uncertainty and rising energy prices.

“We are deeply grateful to the people for supporting the government during these challenging times,” he said, adding that since the onset of the crisis, every effort had been made to minimize the impact of soaring international oil prices on consumers.

Shehbaz Sharif said the Federal government utilized Rs129 billion through savings generated from development expenditures and austerity measures to cushion the impact of rising fuel prices and provide relief to citizens nationwide.

He noted that despite severe regional economic pressures, Pakistan successfully avoided an energy crisis due to effective planning and timely policy interventions. While some countries resorted to fuel rationing, he said, Pakistan maintained uninterrupted fuel supplies without shortages, queues or disruptions in petroleum product availability.

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The prime minister credited close coordination between the federal and provincial governments for helping maintain economic stability during the crisis and thanked the chief ministers for their cooperation.

He said the government had consistently sought to shield the public from the effects of global inflation and would continue transferring the full benefit of any reduction in international oil prices directly to consumers.

“Maintaining economic stability and bringing down inflation remain our top priorities,” he said, adding that the government would continue pursuing effective measures to provide maximum relief to the people, particularly vulnerable segments of society.

Referring to regional developments, the prime minister said peace in the middle East had become possible through Pakistan’s mediation efforts, which helped ease tensions and contributed to improved economic conditions in the region.

He described the signing of the Islamabad Memorandum of Understanding as a historic achievement that had enhanced Pakistan’s international standing and brought honour to the entire nation.

Shehbaz Sharif paid special tribute to Field Marshal Syed Asim Munir, and said his tireless efforts and professional capabilities played a pivotal role in making the peace agreement possible.

The prime minister also praised DPM Ishaq Dar, Interior Minister, Mohsin Naqvi and other members of the government team for their contributions to the peace initiative.

He further commended the economic team, including Ministers Muhammad Aurangzeb, Ahsan Iqbal, Ahad Khan Cheema, and Ali Pervaiz Malik, along with senior government officials, for their efforts in steering the country through economic challenges and supporting measures aimed at stabilizing the economy and providing public relief.