PM Shehbaz Sharif announces reduction in fuel prices

ISLAMABAD: Prime Minister Shehbaz Sharif has announced a reduction in the prices of petroleum products, ARY News reported on Thursday.

Addressing the nation, the prime minister announced that the price of petrol was being cut by Rs18.50 per litre and diesel by Rs40.54 per litre.

He explained why his government had to increase petrol prices after taking over. “We had increased the fuel prices to meet the conditions laid forth by the International Monetary Fund (IMF), which were agreed by the previous government,” he added.

“However, now as the prices are declining in the international market the government has decided to pass on the relief to people and therefore reduced the price of petrol and diesel by Rs18.50 and Rs40.54 per litre, respectively,” he added.

The new price of petrol will be Rs230.24 per litre while diesel will be available at Rs236 per litre. The Prime Minister said that the new prices of petroleum products would came into effect from 12 noon tonight.

PM Shehbaz Sharif pointed out that he had inherited a “troubled economy” from the previous government. “The previous regime trampled on the agreement it had with the IMF and laid landmines for us,” he added.

He further said the PTI, during its final few weeks, had slashed fuel prices in a bid to create difficulties for the present government.

The premier reserved special praises for Finance Minister Miftah Ismail for his part in reviving the loan facility with the International Monetary Fund but hoped that the current deal would be the last one.

Earlier in the day, Finance Minister Miftah Ismail vowed to provide relief to the people by reducing prices of petroleum products and other essential commodities following IMF agreement.