Prime Minister Shehbaz Sharif announced on Friday that the government was reducing the price of diesel by RS135 per litre and that of petrol by Rs12 per litre.

He made the announcement in a televised address to the nation.

PM Shehbaz said diesel would be available at Rs385 per litre and petrol at Rs366 per litre from 12am on Saturday.

Moreover, he said targeted subsidy initiatives announced by the government following the fuel crisis resulting from the Middle East crisis would not be discontinued.

The premier began by saying that he was addressing the nation at a “historic occasion”, when there was talk of peace instead of war in the Gulf.

He said that parties that had been facing each other in a war had now agreed to resolve their issues through dialogue.

He thanked the leadership of Iran and the US for accepting his proposal for a two-week ceasefire and invitation to visit Pakistan to hold talks for the restoration of peace.

He said, “Pakistan hosting these talks was not just a proud moment for Pakistan but for the entire Muslim world.”

PM Shehbaz added that in these critical times, Pakistan’s leadership was able to convince the US and Iran to agree on a temporary ceasefire and invited them to Islamabad.

“For this, I laud Deputy Prime Minister and Foreign Minister Ishaq Dar for sincerely working day and night. And I particularly commend Field Marshal Asim Munir and his team, who … played a key and historic role in dousing the flames of war and convincing the warring parties to talk,” he added. “In this regard, history will remember the services of Field Marshal Asim Munir in golden words.”

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