ISLAMABAD: Prime Minister of Pakistan, Shehbaz Sharif, has decided to reduce the petrol price and diesel rate in the country, ARY News reported.Addressing the nation, the Prime Minister said that a proposal to cut the petrol price and diesel rate was approved following a decline in global fuel prices. He added that the government aims to provide relief to the public while managing economic pressures.Under the revised structure, the petrol price has been set at Rs 366 per litre, while the diesel rate stands at Rs385 per litre.According to officials, the decision reflects efforts to balance economic challenges without placing an additional burden on citizens. The move is part of broader measures to control inflation and maintain price stability in essential commodities.Also Read: IMF ‘asks’ Pakistan to limit fuel subsidiesEarlier, the government had announced a massive increase in petrol price and diesel rates after the Iran war triggered a global petroleum shortage. The announcement was made by Minister of State for Finance Ali Pervaiz Malik, alongside Federal Finance Minister Muhammad Aurangzeb, during a press conference.The petrol price was increased by Rs138 per litre, taking it to Rs458.40 per litre, while the diesel rate was raised by Rs184 per litre to Rs520.35 per litre.However, a day after the historic hike in petrol price, Prime Minister Shehbaz Sharif announced a short-term relief measure aimed at easing pressure on the public by lowering fuel rates.PM of Pakistan Shehbaz Sharif, later revised the petrol price to Rs378 per litre by slashing Rs80.In addition to the fuel adjustment, the Prime Minister also announced austerity measures, stating that salaries and privileges of cabinet members would remain suspended for six months as part of efforts to manage financial pressures and demonstrate fiscal discipline.