ISLAMABAD: Prime Minister Shehbaz Sharif addressed the nation on friday regarding rising inflation and the ongoing negotiations with the International Monetary Fund (IMF). He reduced the petrol price to Rs378 per litre for a month and slashed the petroleum levy by Rs80 per litre.
In his speech, the prime minister spoke about the serious challenges Pakistan is facing due to the Middle East conflict. This conflict has pushed up global fuel prices and added pressure on the economy.
The Prime Minister made the announcement in a televised address to the nation. It comes just one day after the government had sharply increased petrol and diesel prices by 43% and 55% respectively.
After the recent hike, petrol had gone up to Rs458 per litre. The PM said the price is now being brought down to Rs378 per litre, and this reduction will remain in place for at least one month.
He assured that the new rates will apply across the entire country.
PM Shehbaz said both the federal and provincial governments are working together to ease difficulties for the people during this tough time.
Moreover, he also announced that federal cabinet members will now forgo their salaries for six months instead of the earlier two-month decision. He admitted he could not consult his cabinet on this latest change because of the urgency.
Furthermore, the Prime Minister began his speech by explaining how the ongoing Middle East conflict has caused oil prices to shoot up worldwide. He said Pakistan is also feeling the heat of these rising prices.
He added that the poor, common citizens and farmers have been facing the most trouble. For the past three weeks, he said, he deliberately did not pass the full burden of the international price increase on to the people because he understands their hardships.
