ISLAMABAD, April 10 – Prime Minister Shehbaz Sharif on Friday announced a sharp reduction in fuel prices, slashing the cost of high-speed diesel by Rs135 per litre and petrol by Rs12 per litre, in a move aimed at providing relief to consumers amid easing global oil prices.
In a televised address, Sharif said the price of diesel had been reduced to Rs385 per litre from Rs520, while petrol prices were cut to Rs366 per litre from Rs378.
The price will take effect from 12:00am April 11, 2026.
The prime minister said the government had earlier pledged to pass on the benefit of declining international oil prices to the public and was now fulfilling that commitment. He added that authorities had spent significant resources over the past month to subsidize petroleum products, particularly to support lower-income groups.
“I was advised to provide only limited relief, but I refused,” Sharif said, emphasizing that the full benefit of falling global oil prices should be transferred to citizens.
Despite the price cuts, the government will continue to provide subsidies on petroleum products, he said, noting that provincial administrations have already begun distributing financial assistance to eligible households.
Officials said the reduction in diesel prices is expected to have a broad impact on transportation and agriculture costs, potentially easing inflationary pressures in the coming weeks.
The announcement comes amid shifting global energy markets and reduced crude oil prices, which have allowed the government to adjust domestic fuel rates.
Sharif also referred to recent diplomatic developments involving tensions between the United States and Iran, expressing hope for successful negotiations and urging public support for ongoing talks aimed at regional stability.
Analysts said the price cuts could provide short-term economic relief but warned that sustainability would depend on global oil trends and fiscal capacity.