Prime Minister Shahbaz Sharif in his address to the nation on Thursday announced that the price of petrol is being cut by Rs 18.50 and that of diesel by Rs 40.54.
Price cut, which largely happens after four rounds growth Under the present government, it will come into effect from midnight tonight.
The prime minister began his speech by explaining that he had inherited a “turbulent economy” from the previous government. “The previous government crushed the deal with the IMF and laid landmines for us,” he said.
PM Shahbaz told PTI that the government had reduced fuel prices during its last few weeks even though the government’s coffers were empty. “It was done so that our government would be in trouble.”
He explained why his government had to increase petrol prices after assuming power. “With a heavy heart, and due to rising oil prices in international markets, we increased the prices.”
The Prime Minister acknowledged that the decision has put a burden on the underprivileged section of the society. “We had no other way. We had to take drastic measures.”
“However, today by God’s blessings, the global oil prices are declining and it is by his mercy that we have got the opportunity to reduce the prices today,” he said.
PM Shahbaz indicated that the benefit of further fall in global oil prices would also be passed on to the public.
He particularly praised Finance Minister Mifta Ismail in reviving the loan facility with the International Monetary Fund, but expressed hope that the current deal would be the last. After that we will try to stand on our feet.
The prime minister said the road ahead could be “thorny and difficult”, but in the end he added, “I assure you that the good times will soon come.”
Earlier, the PM’s address was announced by Information Minister Maryam Aurangzeb in a tweet. “Prime Minister Shahbaz Sharif will address the nation tonight at 10:10 pm which will be telecast live on Pakistan Television and Radio.”
The prime minister is widely expected to reduce fuel prices. PML-N Vice President Maryam Nawaz confirmed this while addressing an election rally in Khushab, minutes before the PM’s address to the nation.
Earlier today, Finance Minister Miftah Ismail promised Nation “reliefs” petrol and diesel prices in light of a fall in global crude oil prices as well as an employee-level agreement with the International Monetary Fund.
More to follow.