Prime Minister Shehbaz Sharif on Thursday announced the slashing of petrol price by Rs18.50 per litre and diesel price by Rs40.54 per litre as part of a series of measures to bring some relief to the public.
The relief was announced by the premier as he addressed the nation about the country’s economic situation, the government’s performance over the last three months and the agreement with IMF.
The prime minister began his speech by taking a swipe at PTI government said that the previous government trampled on the agreement it had with the IMF and laid landmines for them. “We raised the petroleum prices by heavy heart, we had no choice left, but we have the opportunity to provide relief to masses because oil prices are falling sharply in the global market” PM said.
Remarking on the staff-level agreement with the IMF, PM Shehbaz appreciated Finance Minister Miftah Ismail and his team for his part in reviving the loan facility with the global lender but hoped that the current deal would be the last one. “After this, we will try to stand on our own feet.” The prime minister said that the path ahead could be “thorny and difficult” but in the end, he said, “I reassure you that good times will come soon.” Shehbaz Sharif assured that benefit of any further decline in global oil price will also be passed to the public.
However, as the prices are declining in the international market now, the government has decided to pass on the relief to people and, therefore, has decided to reduce the price of petrol and diesel by Rs18.50 and Rs40.54 per litre, respectively. After the PM Shehbaz Sharif announcement the new price of petrol will be Rs230.24 per litre while diesel will be available at Rs236 per litre.