In order to pass on the savings from the decline in the price of crude oil to customers, Prime Minister Shahbaz Sharif on Thursday announced price cuts of Rs.40.54 per liter for diesel and Rs.18.50 per liter for petroleum.
In a speech to the public broadcast on radio and television, the prime minister said that by lowering petroleum costs, the current administration was also keeping its commitment to pass on the savings to Pakistan’s consumers.
In the upcoming months, he promised to keep informing the public about the effects of the drop in oil prices around the world. The government decided to pass on the relief to Pakistani consumers because there had been a significant drop in the price of oil, he stated. In addition to lowering the cost of petroleum and high-speed diesel, the government also announced price reductions for kerosene by Rs.33.81 per liter and light diesel oil by Rs.34.71 per liter, which took effect at midnight on Thursday.
I have ordered Ministries of Petroleum & Finance to pass on the reduction in the prices of POL products in the international market to people. They have faced economic difficulties & the relief is their right. With Allah's grace, we will continue to bring ease in their lives, IA.
— Shehbaz Sharif (@CMShehbaz) July 12, 2022
As a result, the price of petroleum drops from Rs. 248.74 to Rs. 230.24 per liter, that of high-speed diesel from Rs. 276.54 to Rs. 236, that of kerosene from Rs. 230.26 to Rs. 196.45, and that of light diesel from Rs. 226.15 to Rs. 191.44. Shehbaz emphasized the coalition government’s resolve to set the nation on the path to economic progress and prosperity over the course of the next 14 months, blaming the previous Pakistan Tehreek-e-Insaf (PTI) administration for all the country’s economic problems.
The previous government signed an agreement with the IMF on strict terms and lay down landmines for us by drastically decreasing the oil prices, which the treasury could not take, he stated. He claimed that the Neelum-Jhelum Hydropower Project was an illustration of the previous governments’ poor performance. According to the prime minister, the project was intended to be finished in four to five years but instead took 20 years, costing an additional $4 to $5 billion over its initial $1 billion estimates.
PM Shahbaz bursts in tears after signing price hike in petroleum products: Mifta
Likewise, he continued, the Haveli Bahadur Shah project was another illustration that was not finished on schedule. The prime minister remarked that we should draw lessons from the negative experiences of the past that squandered significant sums of the nation’s economy. The government has signed a contract with the IMF, according to the prime minister. He acknowledged the work of Finance Minister Miftah Ismail and his staff in reaching the deal and reaffirmed his commitment to achieving economic independence for the nation.
The government said that the rupee-to-dollar parity and fluctuating petroleum product prices on the global market both had an effect on final customers. The prices, however, have been trending downward over the past two weeks on the global market.
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