As part of long-awaited relief, Prime Minister Shehbaz Sharif has announced a reduction in the per-liter price of petrol by Rs 18.50. Petrol prices have been reduced to Rs230.24.
Diesel rates were lowered by Rs40.54 per litre, he said, in an address to the country televised on state television on Thursday. Starting on July 15th, the rate will drop from Rs276.54 to Rs235.95.
When the premier spoke, he explained that the government had raised gas prices after taking office in order to comply with IMF requirements (IMF). Prices for diesel and petrol were Rs149.86 and Rs144.15 per litre respectively when Imran Khan was deposed. Increases in fuel prices have been the direct effect of policies implemented by the PML-N led coalition government to comply with IMF terms.
PTI’s move to lower prices in its last weeks, Prime Minister Shehbaz said, added further strain to a country with dwindling funds. The previous administration “laid economic landmines for us,” he claimed, referring to the government’s violation of its deal with the IMF.
He made the choice “with a heavy heart” and cited rising energy costs as the reason.
Recently falling oil prices on international markets, he noted, gave the administration the opportunity to reduce prices as well. He assured the general public that they will share in the advantages of any future rise in global oil prices.
Prime Minister Shehbaz Sharif has been briefed by the Oil and Gas Regulatory Authority (Ogra), and the Ogra has recommended a reduction in domestic fuel prices, Finance Minister Miftah Ismail stated earlier on Thursday.
He assured the press that the International Monetary Fund (IMF) was not opposed to the government’s plan.
