PM Shehbaz Sharif Announces Major Cut in Petrol and Diesel Prices
Prime Minister Shehbaz Sharif on Friday announced a significant reduction in petroleum prices, saying that the price of petrol has been reduced by Rs74 per litre, while diesel prices have been cut by Rs67 per litre.
According to a statement issued by the Prime Minister’s Office (PMO), the price of petrol will now drop from Rs373 per litre to Rs299 per litre. Similarly, the price of high-speed diesel will decrease from Rs378 per litre to Rs311 per litre.
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The announcement came just one day after Prime Minister Shehbaz signed the Islamabad Memorandum of Understanding as a mediator, helping to formalize a major diplomatic agreement between the United States and Iran. The memorandum was also signed by US President Donald Trump and Iranian President Masoud Pezeshkian.
اسلام آباد: 19 جون 2026ء
وزیرِ اعظم محمد شہباز شریف کا پاکستان کی ثالثی کی بدولت خطے و عالمی امن کے قیام کے بعد تیل کی قیمتوں کے حوالے سے اہم بیان
وزیرِ اعظم نے کہا کہ خطے میں معاشی صورتحال میں بہتری آنے اور تیل کی قیمتوں میں کمی کا فائدہ فوری طور پر عوام کی جانب منتقل کررہے… pic.twitter.com/868NMNnD6E
— Prime Minister’s Office (@PakPMO) June 19, 2026
In his statement, the prime minister said that the government was immediately passing on the benefits of improved regional economic conditions and falling global oil prices to the people of Pakistan.
He said, “Whatever promise was made to the nation, Alhamdulillah, we are now fulfilling it.”
PM Shehbaz acknowledged the difficulties faced by the public during the recent economic challenges. He praised the people for their patience and resilience during a difficult period and thanked them for supporting the government.
“We understand the hardships people have faced. The nation showed remarkable patience and courage during these challenging times, and we are grateful for the support they have given to the government,” he said.
The prime minister added that since the beginning of the crisis, the government had been working hard to reduce fuel prices and provide relief to citizens.
He explained that the federal government used Rs129 billion from development budget allocations and savings achieved through austerity measures to help reduce the burden on the public caused by the sharp increase in fuel prices.
According to PM Shehbaz, Pakistan was able to avoid an energy crisis despite regional economic instability. While some countries had to introduce fuel rationing measures, Pakistan managed to maintain a steady supply of petroleum products due to careful planning.
He said that there were no long queues at fuel stations, no shortages of petroleum products, and no major disruptions for consumers.
The prime minister also appreciated the cooperation between the federal and provincial governments in maintaining economic stability during the crisis. He thanked all provincial chief ministers for their support and coordination.
PM Shehbaz emphasized that the recent decline in international oil prices was being directly transferred to the public through lower fuel prices. He said the government would continue its efforts to maintain economic stability and reduce inflation.
He further stated that throughout the crisis, the government adopted austerity measures and also provided subsidies to support underprivileged and low-income groups.
“Providing maximum relief to the people remains the government’s highest priority,” he said.
The prime minister also highlighted Pakistan’s role in promoting peace in the Middle East. He said that Pakistan’s mediation efforts helped make peace possible between the United States and Iran.
“Allah Almighty honored Pakistan, and the Islamabad Memorandum of Understanding was signed. It is a historic document,” he said.
PM Shehbaz congratulated Chief of Army Staff and Chief of Defence Forces Field Marshal Asim Munir, saying that the peace agreement became possible because of his dedicated efforts and professional expertise.
He also praised 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 process.
The prime minister further commended the country’s economic team, including Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Economic Affairs Minister Ahad Khan Cheema, Petroleum Minister Ali Pervaiz Malik, and senior government officials. He said they worked tirelessly to manage the economic challenges faced by the country.
Earlier on Friday, global oil prices continued to decline as expectations grew that oil supplies would increase following a peace agreement between the United States and Iran.
Oil tankers resumed moving through the Strait of Hormuz after the waterway reopened. This development improved market confidence and raised hopes of increased oil exports from the region.
By 3:28 a.m. GMT, Brent crude futures had fallen by 43 cents, or 0.54%, reaching $79.42 per barrel. At the same time, US West Texas Intermediate (WTI) crude fell by 17 cents, or 0.22%, to $76.43 per barrel.
The more actively traded August WTI contract also declined by 30 cents, reaching $75.55 per barrel.
On Thursday, both oil benchmarks had dropped to their lowest levels since early March. This happened after several oil tankers, including three Saudi-flagged vessels carrying around 6 million barrels of crude oil, successfully passed through the Strait of Hormuz only hours after leaders of the United States and Iran signed an interim agreement aimed at ending their conflict.
Market analysts believe that the agreement could release more than 85 million barrels of oil that had been stranded in the Middle East Gulf region. The deal also includes the removal of US sanctions on Iranian oil exports, which is expected to increase global oil supplies even further.
Earlier this year, Pakistan experienced a sharp rise in fuel prices as international oil prices surged.
The government increased domestic petroleum prices by more than 50 percent. During the first week of March, fuel prices were raised twice, with officials saying that international oil prices had increased significantly.
The biggest increase came in April, when the government raised the price of petrol by Rs137 per litre. As a result, petrol reached a record-high price of Rs458.4 per litre.
A few days later, Prime Minister Shehbaz announced an Rs80 per litre reduction in the petroleum levy on petrol. This decision brought the petrol price down to Rs378 per litre.
More recently, the government has introduced several reductions in fuel prices. Last week, petrol prices were reduced by Rs4 per litre, while high-speed diesel prices were lowered by Rs2 per litre.
Earlier, on June 5, the government announced another Rs4 per litre reduction in petrol prices.
Before that, both petrol and diesel prices were cut by Rs22 per litre. The government described that reduction as an “Eid gift” for the people of Pakistan.
With the latest reduction of Rs74 per litre in petrol and Rs67 per litre in diesel, the government says it is continuing its efforts to provide relief to the public, reduce inflationary pressures, and support economic recovery across the country.
