Prime Minister Shehbaz Sharif Thursday announced a reduction in prices of petroleum products to pass on the benefit of decreasing crude rates in the international market.
The premier began his address by explaining that the coalition government inherited a troubled economy from Pakistan Tehreek-e-Insaf. He said that the previous government trampled on the agreement it had with the International Monetary Fund and laid landmines for us.
The prime minister said that since prices are declining in the international market now, the government has decided to pass on the relief to people and, therefore, the price of petrol has been slashed by Rs. 18.50 per liter while the price of high-speed diesel has been decreased by Rs. 40.54 per liter.
The new price of petrol will be Rs. 230.24 per liter while the price of high-speed diesel will be Rs. 236 per liter. The price of kerosene oil has also been slashed by Rs. 33.81 while the price of light-diesel oil has been decreased by Rs. 34.71. The new prices will come into effect from midnight.
|High-Speed Diesel (HSD)||276.54||236.00||40.54|
|Light Diesel Oil||226.15||191.44||34.71|
It is pertinent to mention here that Prime Minister Shehbaz Sharif on Tuesday sought a summary from the ministries of finance and petroleum recommending a reduction in prices of petroleum products.
Brent crude was down to $95.67 a barrel on Thursday. The price of Brent crude has declined sharply in recent weeks since hitting $139 in March, which was close to the all-time high in 2008.
The government had last announced a hike in the prices of petroleum products on June 30, the fourth such raise since May 26, taking the cumulative amount of all hikes up to Rs. 132 per liter.