Pakistan Prime Minister Shehbaz Sharif on Friday announced a reduction in petrol prices to Rs 378 per litre after cutting the petroleum levy by Rs80, following a sharp increase in fuel prices a day earlier.

In a televised address, Sharif said the revised price would take effect from midnight Saturday and remain unchanged for at least one month.

The announcement came after the government increased petrol prices by about 43 percent and high-speed diesel by 55 percent, raising petrol to Rs458 per litre and diesel to Rs520.35 per litre.

Officials said the levy on petrol was increased to Rs160 per litre from Rs105, while the levy on diesel was reduced to zero to limit the impact on transport and freight costs.

Sharif said the government took the step to ease the burden on the public amid rising global oil prices linked to the ongoing Middle East conflict.

He said the government had spent Rs129 billion over the past three weeks to cushion the impact of rising fuel costs and would continue working with provincial administrations to provide relief.

The prime minister also announced further austerity measures, saying federal cabinet members would forgo their salaries for six months as part of efforts to manage the fuel crisis.

Pakistan has faced mounting economic pressure following the US-Israel war on Iran, which began on February 28 and disrupted global energy markets, pushing oil prices higher across the region. (Newswire)

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