Govt to Announce Huge Decrease in Diesel Price Tonight

The Pakistani government is set to announce a significant reduction in diesel prices later tonight, following successful negotiations with local oil refineries, according to Petroleum Minister Ali Pervez Malik. The minister revealed that refineries have agreed to a Rs. 30-32 decrease in diesel prices, pursuant to directives from Prime Minister Shehbaz Sharif.

The exact extent of the reduction will be determined by the Oil and Gas Regulatory Authority (OGRA) after final calculations later tonight. Malik emphasized that this price cut will provide much-needed relief to farmers who rely on diesel-powered tractors and tube wells, as well as to individuals who depend on diesel for public transportation.

Over the past three to four months, the government has allocated more than Rs100 billion to alleviate the burden of rising petroleum prices on consumers. In addition to the price reduction, the government plans to initiate upgrades to Pakistan's oil refineries in the coming days. Prime Minister Sharif's administration has also scheduled a visit to Karachi with their team next week, where they will meet with the refineries to express gratitude for their cooperation.