Islamabad, June 19, 2026 – The Europe Today: Prime Minister Shehbaz Sharif on Friday announced a substantial reduction in petroleum prices, saying the government was 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.
According to a statement issued by the Prime Minister’s Office, the government has reduced the price of petrol by Rs74 per litre and diesel by Rs67 per litre, describing the move as part of its commitment to provide maximum relief to citizens.
With the latest cut, the price of petrol has been reduced from Rs373 to Rs299 per litre, while diesel prices have fallen from Rs378 to Rs311 per litre. The reduction is expected to provide significant relief to consumers and businesses across the country.
Prime Minister Shehbaz said the government fully understood the economic challenges faced by the people and appreciated their patience and resilience during a period marked by global economic uncertainty and rising energy costs.
“We are deeply grateful to the people for supporting the government during these challenging times,” he said, adding that every effort had been made to shield consumers from the impact of soaring international oil prices since the onset of the crisis.
The prime minister revealed that the federal government utilized Rs129 billion generated through savings from development expenditures and austerity measures to mitigate the effects of rising fuel prices and support citizens nationwide.
Highlighting the government’s economic management, he noted that Pakistan successfully avoided an energy crisis despite severe regional and global pressures. While some countries resorted to fuel rationing, Pakistan maintained uninterrupted fuel supplies without shortages, long queues, or disruptions in the availability of petroleum products.
Shehbaz Sharif credited close coordination between the federal and provincial governments for helping preserve economic stability and thanked provincial chief ministers for their cooperation during the challenging period.
He reiterated the government’s commitment to transferring the full benefit of any future decline in international oil prices directly to consumers, emphasizing that maintaining economic stability and reducing inflation remain key priorities.
“Maintaining economic stability and bringing down inflation remain our top priorities,” the prime minister said, adding that the government would continue implementing measures aimed at providing relief, particularly to vulnerable segments of society.
Referring to recent regional developments, Prime Minister Shehbaz said peace in the Middle East had become possible through Pakistan’s mediation efforts, which helped ease tensions and contributed to improved economic conditions across the region.
He described the signing of the Islamabad Memorandum of Understanding as a historic achievement that enhanced Pakistan’s international standing and brought honor to the nation.
The prime minister paid tribute to Syed Asim Munir, praising his efforts and professional leadership, which he said played a pivotal role in facilitating the peace agreement.
He also commended Deputy Prime Minister and Foreign Minister Ishaq Dar, Interior Minister Mohsin Naqvi, and other members of the government team for their contributions to the peace initiative.
The prime minister further acknowledged the efforts of the government’s economic team, including Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Ahad Khan Cheema, and Ali Pervaiz Malik, as well as senior officials, for steering the country through economic challenges and supporting measures aimed at stabilizing the economy and providing public relief.
The announcement marks one of the largest reductions in petroleum prices in recent years and is expected to have a positive impact on transportation costs, inflation, and overall economic activity across Pakistan.
