ISLAMABAD (Dunya News) - Prime Minister Shehbaz Sharif on Thursday announced that a significant reduction in petroleum prices will be declared, linking the move to improved regional conditions following recent diplomatic developments.
Addressing the National Assembly, the prime minister said the Islamabad Memorandum of Understanding represents a major national success, adding that Pakistan’s global standing has strengthened and its name is being recognised across international forums.
He said the entire nation deserves congratulations and called for a unanimous resolution from Parliament to formally acknowledge the achievement, describing it as a strong message of unity, cohesion and national solidarity.
Shehbaz Sharif said that Pakistan has been granted honour and recognition by the Almighty, adding that moments of such national prestige are rare in history and should be met with deep gratitude.
The prime minister praised Field Marshal Asim Munir for playing a key role in finalising the Islamabad agreement through persistent efforts and leadership. He also commended Deputy Prime Minister Ishaq Dar and Interior Minister Mohsin Naqvi for their contributions.
He revealed that he recently held a telephone conversation with Iranian President Masoud Pezeshkian, who expressed gratitude for Pakistan’s role in facilitating peace efforts. The Iranian president, he added, has been invited to visit Pakistan soon.
Shehbaz Sharif said Pakistan and Iran share deep fraternal ties, adding that parliamentary and diplomatic engagement will continue to strengthen bilateral relations. He also confirmed that a Pakistani delegation will attend the funeral of the late Iranian leader Ayatollah Khamenei.
The prime minister said the ceasefire between Iran and the United States is expected to boost regional economic stability, while also leading to a decline in global oil prices.
He noted that Pakistan had provided a subsidy of 128 billion rupees from its own resources to stabilise fuel prices during earlier volatility. He added that the weekly fuel pricing mechanism will be announced, expressing confidence that prices will come down further.
Shehbaz Sharif further acknowledged the role of friendly countries including China, Saudi Arabia, Qatar, Türkiye and Egypt in supporting the peace process, saying the development reflects a historic moment of national pride for Pakistan’s 240 million people.