Prime Minister Shehbaz Sharif Thursday announced a reduction in petrol price by Rs18.50 per litre in a major relief for the masses after his government reached a staff-level agreement with the International Monetary Fund (IMF).
In a televised address to the nation, the prime minister said that it was inevitable for the government to increase the petrol price after coming into power to meet the conditions laid forth by the International Monetary Fund (IMF), which were agreed by the previous PTI government.
However, he said, as the prices are nose-diving in the global oil market now, the government has decided to pass on the relief to the masses and, therefore, has decided to reduce the price of petrol and diesel by Rs18.50 and Rs40.54 per litre, respectively.
The new price of petrol will be Rs230.24 per litre while diesel will be available at Rs236 per litre. The price of Kerosene oil is reduced by Rs33.81 to Rs196.45 and light diesel by Rs37.71 to Rs191.44.
Acknowledging that the decision to increase the price of petroleum products had burdened the underprivileged segment of society, he said: “We had no other way. We had to take tough measures.”
Holding the previous regimes responsible for all the economic woes, he expressed determination of the coalition government to put the country on the path of economic development and prosperity during the next 14 months.
The present government would focus on three vital areas of economy, including agriculture, information technology (IT) and export-based industries in the coming months, he added.
Meanwhile, Federal Minister for Finance and Revenue, Miftah Ismail also shared new rates of petroleum products on his Twitter account. “PM has just announced reduction in the prices of petrol of Rs 18.5/litre & in diesel of Rs 40.54/litre. The new price of petrol is Rs 230.24 & diesel is Rs 236/litre from 15/7. Kerosene is reduced by Rs 33.81 to Rs 196.45 & LDO is reduced by Rs 37.71 to Rs 191.44. Alhamdolillah,” Miftah tweeted.
The minister also shared ‘Fact Check: Brent crude oil prices’ showing fluctuation in prices of petroleum products in the international market.