Prime Minister Imran Khan has announced an Rs. 10 per liter reduction in the price of petrol and diesel.
He made the announcement during his speech to the nation about the country’s economic situation and global challenges in the aftermath of Russia’s invasion of Ukraine. He mentioned that there would be no price hikes in petrol or electricity until the next budget.
The official account of the Pakistan Tehrik-e-Insaf tweeted the price drop on Twitter. It said, “Prime Minister ImranKhan, during his address to the nation, announces to slash petroleum prices by Rs. 10/liter with immediate effect, and not to pass on the impact of global petrol hike to the consumer for next four months”.
Prime Minister @ImranKhanPTI, during his address to nation, announces to slash petroleum prices by Rs10/liter with immediate effect, and not to pass on the impact of global petrol hike to the consumer for next four months. #PMIKaddressToNation pic.twitter.com/ksWmUBE3du
— PTI (@PTIofficial) February 28, 2022
The Prime Minister said, ” I received a summary from the Oil and Gas Regulatory Authority (Ogra) and they recommended increasing the prices of petrol and diesel by Rs10 due to the rise in the price in global markets. So today I want to tell everyone the good news that, instead of increasing it, we will decrease [petrol prices] by Rs.10″.
It is to be noted that the Oil and Gas Regulatory Authority (OGRA) had forwarded a summary to increase the prices of petrol by Rs. 9.59 per liter for the next fortnight that starts on 1 March amid the soaring international prices after Russia’s invasion of Ukraine. As per OGRA’s fortnightly update, the revised petroleum prices are as follows:
| Product | Existing  Prices w.e.f
16-02-2022 |
New Prices w.e.f. 01-03-2022 | Increase / (-)
Decrease |
| MS (Petrol) | 159.86 | 149.86 | -10.00 |
| High Speed Diesel (HSD) | 154.15 | 144.15 | -10.00 |
| Kerosene (SKO) | 126.56 | 125.56 | -1.00 |
| Light Diesel Oil | 123.97 | 118.31 | -5.66 |
The price of petrol has been decreased from Rs. 159.86 per liter to Rs. 149.86 per liter. Similarly, the price of high-speed diesel has been revised to Rs. 144.15 per liter, from the previous price of Rs. 154.15 per liter.
The price of light diesel oil has gone down to Rs. 118.31 per liter and kerosene from Rs. 126.56 per liter to Rs. 125.56 per liter.
More Incentives
The PM went on to discuss how electricity was produced using imported fuel, which had led prices to skyrocket. He expressed regret for previous governments’ failure to engage in the construction of dams, asserting that the incumbent government is building ten dams for protecting the country from global price volatility. “We’ve also decided to slash the cost of power by Rs. 5 per unit. This translates to a 20-25 percent reduction in your electricity bills.”
Speaking on other developments and issues, the PM stated that the cash handouts given to citizens under the Ehsaas scheme had increased from Rs. 12,000 to Rs. 14,000. Graduates would also be granted internships and paid Rs. 30,000, he added, without going into extra details.
He reaffirmed that the IT sector, which comprised businesses and freelancers, had been spared from paying taxes, and that they would be allowed to move money around without limits. IT startups are no longer subject to capital gains tax, explained the premier.
The Kamyab Jawan initiative would provide interest-free loans to the country’s youth and farmers, as well as subsidized loans to needy individuals to build homes. “A total of Rs. 407 billion in loans would be issued over the next two years,” said the PM.
The prime minister expressed his delight that banks had been persuaded to lend to low-income people, noting that Rs. 150 billion in loans had been authorized thus far.
The premier stated that he had notified all chief ministers that health insurance was a huge help to low-income families. He added that under the Qaumi Sehat Card, a cover of Rs. 1 million will be provided to all citizens by the end of March 2022 (except Sindh). This incentive is aimed at helping private medical hospitals to increase services in rural areas.
Regarding industries, the PM indicated that anyone willing to start a business or invest in Pakistan will not be “asked any questions.” He stated that a comprehensive package for this area would be announced later, and overseas Pakistanis who invest in the local industry or form joint ventures will be granted a substantial five-year tax break.
https://twitter.com/shaukat_tarin/status/1498545478845321218?t=c8v4hRJEw_QpYv23sRDK_A&s=19
What about K-electric does it include them as well?