PM Shehbaz announces reduction in petroleum prices

Islamabad: Prime Minister Shehbaz Sharif on Thursday cut the price of petrol by Rs18.50 per litre in order to provide maximum relief to the consumers.

Addressing the nation, the premier said the government had increased the price of petrol after coming into power to meet the conditions laid forth by the International Monetary Fund (IMF), which were agreed by the previous PTI-led government.

However, as the prices are declining in the international market now, the government has decided to pass on the relief to people 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.

"Petroleum prices in the world market were skyrocketing. They laid landmines for our government. An example of this is the reduction in oil prices to get our government in trouble, for which there is money in the treasury," he said. Were not

The Prime Minister said that the price of petrol is being reduced by Rs 18.50 per liter while the price of diesel is being reduced by Rs 40.54 per liter. The reduction in petrol and diesel prices will be effective from 12 noon tonight.

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).