Prime Minister Shehbaz Sharif on Friday announced a Rs80 per litre reduction in the petroleum levy on petrol, a day after prices were raised by Rs137 per litre, saying the move would bring the petrol price down to Rs378 per litre.
Addressing the nation in a late-night speech on Friday, the prime minister said he was speaking at a time when conflict in the Gulf had led to soaring fuel prices across the region, with a sharp increase in oil prices also affecting Pakistan.
Described the situation as a “harsh reality”, he said it was dimming the kitchen fires of the poor, creating immense difficulties for farmers, and posing new challenges for ordinary citizens.
He said the government had made every possible effort to utilise limited national resources to promote public welfare and reduce the difficulties faced by citizens. “Through careful savings and prudent use of resources, we tried to shield you from the storm of inflation,” he added.
The prime minister said that international oil prices had witnessed a massive increase, while inflation had also affected even the world’s strongest economies, adding that Pakistan was likewise being severely impacted.
“Over the past three weeks, I did not consider it appropriate to pass on the daily increase in oil prices to the public, as I am fully aware of the challenges faced by the common man in making ends meet,” he said.
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More to follow.
