PM announces Rs80 cut in petroleum levy, lowering petrol price to Rs378 per litre

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. PM Shehbaz 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. He 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,” the premier said. According to the announcements made, the prime minister said a subsidy of Rs100 per litre would be provided for motorcycle users. He added that to support goods transport, a subsidy would be extended for one month, under which small trucks would receive Rs70,000, large trucks Rs80,000, and public transport buses Rs100,000, in an effort to prevent an increase in the prices of essential commodities and fares. “For small farmers, financial assistance of Rs1,500 per acre has been announced,” he said, adding that a decision had also been taken regarding Pakistan Railways to ensure that fares for economy class passengers would not be increased. “In this regard, clear directives have been issued to the Ministry of Railways,” he added. -------------- More to follow.

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