PM announces Rs. 18.54, Rs. 40.5 per liter cut in petrol, diesel prices

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ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif Thursday announced Rs. 18.54 and Rs. 40.50 reduction in the per liter prices of petrol and diesel, respectively from July 15.

Addressing the nation on television and radio, the Prime Minister said that as the prices of petroleum products were falling in the international market, the present government by slashing the petroleum prices fulfilled its promise of passing on the benefit of any decrease to the consumers in Pakistan.

Holding the previous government responsible for all the economic woes, he expressed the determination of the coalition government to put the country on the path of economic development and prosperity during the next 14 months. The Prime Minister added that the present government will focus on three vital areas of economy including Agriculture, Information Technology (IT) and Export Based Industries in the coming months.

Later, Finance Division also notified reduction in the per liter prices of petroleum products including Petrol (Rs. 18.50), High-Speed Diesel (Rs. 40.54), Kerosene (Rs. 33.81), and Light Diesel Oil (Rs. 34.71).

The PM said a few months ago when his government assumed responsibility it inherited a broken economy. Inflation was at its highest and oil in the international market was touching the sky, he said adding the former government of Imran Khan signed an agreement with International Monetary Fund (IMF) on tough conditions and then before its ouster violated the agreement and laid landmines for the incoming government.

The government of Imran Khan while making sudden decrease in oil prices before its removal, did not make any additional allocation for the reduction, in the budget, he told. -APP

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