Govt slashes petroleum prices by up to Rs40.54 per litre | The Express Tribune

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Prime Minister Shehbaz Sharif on Thursday announced a reduction in the prices of petroleum products by up to Rs40.54.

He made this announcement during his address to the nation. He said that the price of petrol was reduced by Rs18.5 per litre whereas the tariff of diesel has been decreased by Rs40 per litre.

“When we took over, our economy was destroyed. Oil prices were touching the roof. The previous government did agreement with the IMF on tough conditions and laid down landmines for us by suddenly reducing oil prices which the treasury could not bear,” the premier added.

He said that the government had no option but to increase the petroleum prices despite knowing it would impact a common man. “We had no other option. If we had any other option we would have never opted for difficult decisions.”

The prime minister also said that the oil prices are being reduced in the international market and now the government has the opportunity to decrease the prices here as well.

He said that the government managed to reach an agreement with the IMF, crediting Finance Minister Miftah Ismail and his team for the effort.

PM Shehbaz said that there are some nations which had their agreements with the IMF some 25-30 years ago but then they changed their directions, worked hard and today those countries have become prosperous.

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“We’re hoping this is our last agreement with the IMF. Self-sufficiency is the only way. It is the only honourable way to live. But it is not easy to achieve. The way leading to it has many thorns,” he added.

“I have faith that Pakistan will see that time. If we follow what the Holy Quran has asked us then I have no doubt there will be no difficulties.”

Talking about the government’s plans, the premier said that his government will focus on three sectors. “We have to make big changes in our agriculture sector. We can increase our yields within six months.”

Similarly, he said, in the IT sector, the government plans to make the youth skillful and try to increase IT exports within a year.

He also said that the government will incentivise exports-based industries. “We will bring revolutionary changes to this country,” he further said.

As per the notification from the finance ministry, the price of kerosene oil has been slashed by Rs33.81 per litre whereas the price of light diesel oil reduced by Rs34.71 per litre.

It said that the new price of petrol after the reduction is Rs230.24, diesel Rs236, kerosene oil Rs196.45 and light diesel oil Rs191.44 per litre.

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