PM Shehbaz Announces Impending Major Cut in Fuel Prices Following US-Iran De-escalation

Prime Minister Shehbaz Sharif announced on Friday that a substantial reduction in fuel prices will be revealed later today. This move follows a rapid decline in global oil markets after the United States and Iran signed a memorandum of understanding to cease hostilities and end a conflict that lasted over three months.

Addressing the National Assembly (NA), the Prime Minister emphasized the government’s commitment to providing public relief. “Today, we must announce the weekly revision in oil and petrol prices. As promised, since global prices have fallen, a significant decrease will be announced today,” he stated.

The premier noted that the recent agreement between the US and Iran has triggered a swift downward trend in oil prices, and he expressed confidence that costs would continue to decline further.

Reflecting on the previous economic volatility, the Prime Minister recalled how the onset of the US-Israeli conflict with Iran caused prices to spike, triggering a “storm of inflation.” He highlighted that the federal government allocated Rs128 billion to mitigate the impact and stabilize inflation levels during that crisis.

PM Shehbaz asserted that the country is now entering a new era, stating that “the sun of progress and prosperity is about to rise.”

During his address, the Prime Minister noted that Pakistan has garnered significant international prestige for its mediation efforts between the US and Iran. He remarked that Pakistan’s diplomatic influence is now recognized globally, from Japan and Saudi Arabia to Mexico and India.

He called upon the National Assembly to adopt a resolution acknowledging these peace efforts, suggesting that such a move would not only affirm Pakistan’s success but also signal national unity and solidarity to the international community. He urged members from all political parties to set aside differences for the sake of national interest.

The Prime Minister specifically credited Field Marshal Asim Munir for his tireless efforts over the past few months in restoring peace. He further thanked Deputy Prime Minister and Foreign Minister Ishaq Dar, as well as Interior Minister Mohsin Naqvi, for their respective contributions to the diplomatic process.

PM Shehbaz also extended congratulations to Leader of the Opposition Mehmood Khan Achakzai, PPP Chairman Bilawal Bhutto-Zardari, and other coalition allies of the PML-N.

Sharing details of a telephone conversation with Iranian President Masoud Pezeshkian held on Thursday evening, the Prime Minister stated that the Iranian leader expressed deep gratitude to the Pakistani nation for its support during challenging times.

“I invited him to Pakistan, informing him that the entire nation is ready to welcome him warmly to demonstrate that Iran and Pakistan are not merely neighbors, but brotherly nations,” the PM said, adding that President Pezeshkian accepted the invitation and plans to visit soon.

Additionally, the Prime Minister mentioned that he was invited to attend the funeral of Iran’s assassinated supreme leader, Ayatollah Ali Khamenei, on July 3-4. He confirmed that a Pakistani delegation will attend to show respect and signal a future of close cooperation and regional economic prosperity resulting from the ceasefire.

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