Featured Image Caption: Prime Minister Shehbaz Sharif addresses the National Assembly on petroleum price relief.
Prime Minister Shehbaz Sharif has announced that Pakistan will soon declare a significant reduction in petroleum prices, linking the expected relief to improving regional conditions and recent diplomatic progress.
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Addressing the National Assembly on Thursday, the prime minister said the Islamabad Memorandum of Understanding marked a major national achievement and strengthened Pakistan’s standing on the international stage.
He said Parliament should adopt a unanimous resolution to recognise the development, describing it as a message of national unity, cohesion and solidarity.
Shehbaz Sharif said Pakistan had earned global recognition and respect, adding that such moments of national prestige are rare and should be welcomed with gratitude.
The prime minister praised Field Marshal Asim Munir for his role in finalising the Islamabad agreement through sustained leadership and efforts. He also acknowledged Deputy Prime Minister Ishaq Dar and Interior Minister Mohsin Naqvi for their contributions.
Shehbaz Sharif revealed that he recently spoke by telephone with Iranian President Masoud Pezeshkian, who thanked Pakistan for supporting peace efforts in the region. He added that President Pezeshkian has been invited to visit Pakistan in the near future.
He said Pakistan and Iran continue to share close bilateral ties and emphasised that diplomatic and parliamentary engagement would further strengthen relations between the two countries.
The prime minister also confirmed that a Pakistani delegation will attend the funeral of Iran’s late leader Ayatollah Ali Khamenei.
Referring to regional developments, Shehbaz Sharif said the ceasefire between Iran and the United States is expected to improve economic stability and contribute to lower global oil prices.
He noted that the government had earlier allocated Rs128 billion in subsidies to stabilise fuel prices during periods of market volatility.
The prime minister added that the weekly petroleum pricing mechanism will be announced soon and expressed confidence that fuel prices will decline further.
Shehbaz Sharif also acknowledged the support of friendly countries, including China, Saudi Arabia, Qatar, Türkiye and Egypt, saying the diplomatic progress represented a historic moment for Pakistan’s 240 million people.
