Islamabad, April 3, 2026 – Prime Minister Shehbaz Sharif on Friday announced a significant relief measure by reducing the petrol price to Rs378 per liter after slashing the petroleum levy by Rs80 per liter, just a day after a massive hike in fuel prices.
In a late-night televised address, the prime minister said the decision was taken to ease the financial burden on citizens amid soaring global oil prices triggered by ongoing tensions in the Middle East. The revised petrol price will come into effect from midnight.
The announcement follows an unprecedented increase a day earlier, when petrol prices were raised by over Rs137 per liter and high-speed diesel (HSD) saw a surge of more than Rs184 per liter, sparking widespread concern among the public.
Addressing the nation, Shehbaz Sharif described the current situation as a “harsh reality,” noting that escalating fuel costs were affecting daily life, from household kitchens to agricultural activities. He emphasized that low-income groups, farmers, and ordinary citizens were bearing the brunt of rising inflation.
The premier highlighted that global oil prices had surged sharply due to conflict in the Gulf region, impacting economies worldwide, including Pakistan. He added that even the strongest economies were struggling under inflationary pressures.
“Over the past three weeks, I did not consider it appropriate to pass on the daily increase in oil prices to the public,” he said, underscoring the government’s efforts to cushion citizens from the full impact of international price volatility.
Shehbaz Sharif stated that the government had utilized limited national resources through careful financial management to provide relief and mitigate hardships. He reiterated the administration’s commitment to public welfare, saying efforts were being made to shield citizens from the ongoing inflationary storm.
The reduction in the petroleum levy is part of a broader strategy to stabilize fuel prices temporarily, with the revised rate expected to remain in place for at least a month.
The move comes at a time of heightened economic uncertainty, as rising energy costs continue to challenge Pakistan’s fragile economy and put additional pressure on household budgets.