To give people the most relief possible, Prime Minister Shehbaz Sharif cut the price of petrol by Rs 18.50 a litre and diesel by Rs 40.54 per litre.
In a speech to the country, the prime minister said that the government had raised the cost of gasoline after taking office in order to comply with requirements set down by the International Monetary Fund (IMF), which had been accepted by the previous PTI-led administration.
But now that prices are falling on the global market, the government has decided to provide the people some respite by lowering the cost of petrol and diesel by Rs 18.50 and Rs 40.54 a litre, respectively.
Diesel will now cost Rs 236 per litre, while new price of petrol will now be Rs 230.24 per litre. However, not all petroleum products have seen a rise in the petroleum levy.
|Existing price w.e.f |
|New price w.e.f |
|Increase/ (-) Decrease|
|Petrol||Rs 248.74||Rs 230.24||-18.5|
|Diesel||Rs 276.54||Rs 236||-40.54|
|Kerosene oil||Rs 230.26||Rs 196.45||-33.81|
|Light diesel oil||Rs 226.15||Rs 191.44||-34.71|
‘Good times will come soon’ PM Shehbaz
PM Shehbaz emphasised at the opening of his speech that the coalition government had inherited a “troubled economy” from the previous administration. He claimed that the previous administration “trampled on the arrangement it had made with the IMF and planted landmines for us.”
The premier continued by saying that the previous PTI administration had reduced petrol price in the last weeks of its term even though the government’s finances were depleted. “This was done to put our government in a terrible situation.”
He acknowledged that the poorer section of society had been impacted by the decision to raise the price of petroleum goods and said: “We were without a choice. We have to take drastic action.”
But now, ”oil prices are decreasing in international markets with God’s blessings, and it is only by His kindness that we have had the opportunity to cut the rates today.
Regarding the staff-level agreement with the IMF, Prime Minister Shehbaz expressed his gratitude to Finance Minister Miftah Ismail and his group for their assistance in restarting the loan facility with the international lender but expressed the desire that this particular arrangement would be the last. We’ll attempt to stand on our own feet after this.
The future may be “thorny and unpleasant,” the prime minister warned, but in the end, he assured the public that “good times will come shortly.”