Prime Minister Shehbaz Sharif on Friday announced that petroleum prices would be reduced later in the day following a significant drop in global oil prices.
Addressing the National Assembly, he said international oil prices had declined sharply after regional tensions eased.
“The decline in international oil prices has been substantial, and there is a strong possibility they may fall even further,” Shehbaz Sharif said. He added that the government had set aside Rs128 billion to protect the public from the impact of rising fuel prices and inflation during the period of regional uncertainty.
The prime minister said Pakistan and Iran were expected to begin a new chapter of economic progress, closer cooperation and stronger bilateral ties after the signing of the Islamabad Memorandum of Understanding (MoU).
He said Pakistan had earned international praise for helping facilitate the peace agreement and described it as a proud moment for the country.
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“Pakistan is being recognised globally for contributing to this important peace breakthrough,” the premier said. He added that the development reflected Pakistan’s growing role on the international diplomatic stage.
Shehbaz Sharif also commended Field Marshal Syed Asim Munir, saying he played the leading role in efforts to restore peace in the region. He also acknowledged Deputy Prime Minister Ishaq Dar and Interior Minister Mohsin Naqvi for their contributions.
Urging political unity, the prime minister called on opposition parties to stand with the government and present a united front, saying the achievement belonged to the entire nation.
He shared that he had spoken with Iranian President Masoud Pezeshkian by telephone a day earlier. During the conversation, the Iranian president thanked Pakistan and its people for their support during a difficult period.
The prime minister said he had invited President Pezeshkian to visit Pakistan and assured him that the people of Pakistan would extend a warm welcome whenever he arrived.
According to Shehbaz Sharif, President Pezeshkian also invited him to attend funeral prayers for the late Iranian Supreme Leader, Ayatollah Ali Khamenei. He said Pakistan would send a delegation to take part in the ceremony.
The prime minister also thanked the provincial governments for their support in addressing economic challenges. He appreciated the efforts of Iran, the United States, Qatar, Saudi Arabia, Türkiye, and China for their role in advancing the peace process.
Describing the diplomatic achievement as a historic milestone, Shehbaz Sharif said Pakistan had gained considerable international respect through its contribution to regional peace and expressed pride in the country’s growing global standing.