Prime Minister Shehbaz Sharif on Friday announced a reduction of Rs135 per litre in the price of high-speed diesel and a cut of Rs12 per litre for petrol.

The prime minister said he was speaking “at such a historic moment when, by the grace of God, there is talk of peace in the Middle East instead of war”, adding that parties which “were until yesterday facing each other in war, and the region presenting a scene of devastation, are now ready to resolve the crisis through talks”.

He thanked the Iranian and United States leadership for accepting his offer and agreeing not only to a temporary ceasefire but also coming to Islamabad on his invitation, where he said dialogues would be held to establish peace.

Last month, the government increased the prices of petroleum products by Rs55 per litre, citing a rise in international market rates amid the US-Iran war in the Middle East.

Officials said that for the next three weeks, the government refrained from further price increases, with the prime minister bearing the brunt of the adjustment by providing a subsidy of Rs129 billion.

However, on April 2, the government raised the petrol price by Rs137 per litre, taking it to a record Rs458.4, while also increasing the price of high-speed diesel to Rs520.35 per litre — an increase of Rs185 per litre or 55 per cent.

Shortly after the announcement, within 24 hours, PM Shehbaz reduced the petroleum levy on petrol by Rs80 per litre, bringing the petrol price down to Rs378 per litre.