Following the government's decision to reduce the prices of petroleum products, Pakistan International Airlines (PIA) and Pakistan Railways announced they will slash their fares by 10%.

“Following the footsteps of Prime Minister Shehbaz Sharif after reduction in petroleum prices, Pakistan Railways and PIA have decided to transfer this benefit to their passengers,” said Minister for Railways and Aviation Khwaja Saad Rafique in a video message on Saturday.

“Pakistan Railways has reduced fares by 10% for economy class passengers. Similarly, PIA has decided to slash fares by 10% on all domestic flights for both classes,” said the federal minister, adding that the reduced fares will be valid for a period of one month and applicable from July 17, 2022.

The development comes after Prime Minister Shehbaz Sharif on Thursday announced the slashing of petrol price by Rs18.50 per litre as part of measures to ease the burden on the masses. He also announced reducing the price of diesel by Rs40.54 per litre. The rates went into effect from July 15.

In his address, the prime minister said that after coming to power, the government had increased the price of petrol to meet the conditions of the International Monetary Fund (IMF).

The premier added that his government had inherited a troubled economy. "The previous government trampled on the agreement it had with the IMF and laid landmines for us," he said.

PM Shehbaz indicated that the benefit of any further decline in international oil price will also be passed to the public.

Meanwhile, Rafique said that a notification in this regard would be issued on July 17.

“After the government's latest measure, the Civil Aviation Authority (CAA) would direct private airlines to reduce their fares as well. Similarly, we expect the provincial governments would also contact transporters and reduce their rates,” he said.