ISLAMABAD: Prime Minister Shehbaz Sharif announced on Thursday that he would cut the price of gasoline in the region by Rs18.50 per litre after the price of oil on the international market saw a reduction.
In his speech to the nation, the prime minister pointed out that the government increased the cost of petrol. Since it came into the position of power. Because it had no other option due to the state of the economy and the price of international markets.
In the meantime, since prices are decreasing on the international market. The government is deciding to pass the relief to citizens and has reduced the cost of diesel and petrol in the amount of Rs18.50 and Rs40.54 per litre, respectively.
The price of petrol for the new year can be found at Rs230.24 per litre. Diesel will cost the rate of Rs236 per litre. The petroleum levy, however, is not increasing for all petroleum products.
At the beginning of his speech, prime minister Shehbaz repeated the fact. That the coalition had been handed an "troubled economy" from the previous administration. "The previous government trampled on the agreement it had struck with the IMF and laid landmines for us," the PM declared.
The premier added that the prior PTI government, in its final weeks cut fuel prices. Even when the state's budget was empty. "This was done so our [coalition] government would fall into difficulties."
Accepting the fact that the decision to hike the cost of petroleum products was burdening. The poor group of the population, he stated: "We had no other way. We had to take tough measures."
"However, today with God's blessing, oil prices are declining in international markets. It is by His mercy that we have had the chance to reduce the prices today," he said.
In a statement on the staff-level agreement with the IMF Prime Minister Shehbaz was pleased with Finance Minister Miftah Ismail and his team for their part in renewing the loan facility with the world lender. But said he hoped the current agreement would be the last. "After this, we will try to stand on our own feet."
The prime minister admitted that the road ahead might seem "thorny and difficult". But at the end of the day the minister stated, "I reassure you that good times will come soon."
In the wake of the announcement made by the premier, the finance minister stated: "PM has just announced a reduction in the prices of petrol of Rs 18.5 per litre [and] in diesel of Rs 40.54 per litre.""The latest price of petrol is at 230.24 and diesel is $236 per litre from July 15. Kerosene prices are reduced by 33.81 to the price of 196.45 and LDO decreases by 37.71 to Rs 37.71 to 191.44 Alhamdulillah!" the tweeter posted on Twitter posting a chart that shows Brent crude prices on the world market.