Prime Minister Shehbaz Sharif on Friday announced a Rs74 reduction in petrol prices and a Rs67 cut in high-speed diesel (HSD) prices as the government seeks to pass on the benefit of declining international oil prices. The officia l notification for the new petroleum prices is yet to be issued. Once notified, the price of petr ol will stand at Rs299.78 and high-speed diesel (HSD) at Rs311.78, down from Rs373.78 and Rs378.78 per litre, respectively. In a statement from his office, the premier said the government was passing on the benefit of an improved regional economic situation and declining oil prices. “We are now fulfilling the promise we made to the nation,” the premier said in the statement. Speaking in the National Assembly earlier in the day, PM Shehbaz vowed a “significant” reduction in fuel prices, as tensions eased in the Middle East following the US-Iran peace deal and the restoration of energy shipping in the Strait of Hormuz. “The price of petrol is being reduced by Rs74 per litre, while diesel is being reduced by Rs67 per litre,” the premier’s statement said. “We fully understand the hardships faced by the people. You demonstrated extraordinary patience and resilience during these difficult circumstances,” PM Shehbaz noted. He extended his sincere appreciation to the public for “standing by the government during these challenging times”.