Pakistan Prime Minister Shehbaz Sharif has announced a reduction in petrol price by PKR 80 per litre, a day after a sharp hike triggered severe backlash.
The government had increased petrol price by 43% and high-speed diesel (HSD) by 55% on Thursday, making petrol available at PKR 458.41 per litre and HSD at PKR 520.35 per litre.
However, the new price of PKR 378 per litre for petrol will take effect from midnight, with petrol available at the revised rate at petrol stations across the country.
The prime minister said the petrol price would remain unchanged for at least one month and emphasized that the situation in the Gulf region was responsible for the hike in petroleum prices.
Sharif also announced relief measures for vulnerable segments, including a subsidy of PKR 100 per litre for motorcycle users, PKR 70,000 to 80,000 to goods transport vehicles, and PKR 1,00,000 to passenger vehicles.
Additionally, a financial assistance of PKR 1,500 per acre has been announced for small farmers, and fares for economy class passengers in Pakistan Railways will not be increased.
