ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a significant reduction in fuel prices, cutting petrol by Rs12 and diesel by Rs135 per litre following a decline in global oil rates.

In a televised address, the premier said the revised prices would take effect from April 11. A notification issued by the Petroleum Division set the new petrol price at Rs366.58 per litre after a decrease of Rs11.83, while diesel was reduced by Rs134.81 to Rs385.54 per litre.

The price of kerosene was also cut by Rs17.33 to Rs450.15 per litre, and light diesel oil saw a reduction of Rs25.31, bringing it down to Rs369.72 per litre.

Citing easing international oil prices, the prime minister said he rejected a proposal to divert the relief towards government expenditure and instead ensured that the full benefit was passed on to the public.

He reiterated that providing relief to farmers and reducing input costs remained a top priority, particularly at a time when agricultural productivity and affordability were under pressure.

The premier said Rs129 billion had been spent to curb inflation and support citizens, adding that the government continued to extend subsidies despite financial constraints. He noted that subsidies for motorcycles and transport would remain in place, alongside efforts to further ease costs for farmers.

At the start of his address, Shehbaz Sharif also briefed the nation on the recent ceasefire between the United States and Iran, saying the region was moving from conflict towards dialogue.

He said Pakistan played a key role in persuading both sides to agree to a temporary truce and invited them to Islamabad for negotiations aimed at resolving their disputes.

The prime minister thanked the leadership of both countries for supporting the diplomatic breakthrough and praised Ishaq Dar for his efforts in securing the ceasefire.

He also commended Asim Munir for his role in helping de-escalate tensions and bring the parties to the negotiating table.