Pakistan devises plan to curtail petrol price hike

The government of Pakistan has released an initial Rs. 27 billion to help cover the cost of keeping petrol prices lower for consumers.

On the directions of the Prime Minister of Pakistan, Shehbaz Sharif, the Oil and Gas Regulatory Authority (OGRA) has been provided the first tranche amounting to Rs. 27 billion, from the Prime Minister’s Austerity Fund.

It is intended to settle part of the “price differential claims” that arose after the government chose to shield the public from rising global oil prices.

The funds have been arranged through various expenditure reduction measures implemented within the federal government & deposited in the Prime Minister Austerity Fund.

The government is also considering additional cost-cutting measures to ensure that the relief to the public is provided while staying within the budget and identifying additional savings.