PM announces Rs 40.54 per litre cut in diesel price
Prime Minister Shahbaz Sharif announced on Thursday a reduction of Rs 40.54 per litre for diesel fuel. Due to its use in the transport and agricultural sectors, diesel is a key contributor to the impact on the lives of the masses.
Premier also announced a reduction of Rs 18.50 per litre in the price of gasoline.
New Prices will take effect on Friday.
During a national broadcast on state-run television, he said that the government had decided to pass on the entire reduction in world oil prices to consumers.
Premier also vowed to continue passing on the impact of the global oil price decline to customers in the coming months.
Petrol Price up by Rs 14.85, diesel Rs 13.23 per litre
The government lowered the price of kerosene oil by Rs 33.81 per litre and light diesel oil by Rs 34.71 per litre, according to a notification.
The price of petrol decreased from Rs 248.74 per litre to Rs 230.24 per litre, high speed diesel (HSD) from Rs 276.54 per litre to Rs 236 per litre, kerosene oil from Rs 230.26 per litre to Rs 196.45 per litre, and light diesel oil (LDO) from Rs 226.15 per litre to Rs 191.44 per litre.
Significant Decrease in Global Oil Price
Premier stated that there had been a significant decrease in world oil costs and that the government had consequently chosen to provide people with relief.
The premier accused the previous administration of slashing oil prices.
He stated that the previous administration had planted landmines for the coalition government, which inherited an economy in collapse.
Moreover, he stated that the coalition government was forced to make difficult decisions about oil price increases as a result of the large global increase in oil prices.
Prime Minister further stated that the administration had signed an agreement with International Monetary Fund (IMF).
PM focuses on three sectors
Shahbaz Sharif stated that the government was concentrating on three industries: agriculture, information technology, and export-oriented industry.
In the next fourteen months, according to the prime minister, there will be significant changes in the nation’s agriculture sector, which is crucial to reviving the economy.
I have entrusted a task group with completing a strategy to improve the farm sector, he said, adding that the government will soon unveil a programme to bring revolution to the agriculture industry.
The agriculture industry will improve with improved decision making and policy formulation, according to the premier.
He stated that Information Technology was an additional industry where youth might earn money.
The Prime Minister vowed to modernise this industry by equipping young people with IT skills that would increase IT exports.
We will achieve a large growth in IT exports within a year, he said, adding that they would labour day and night to bring revolution to these industries.
He added that the government was also focused on export-oriented industries in the future years in order to promote exports.
According to the government, the fluctuating costs of petroleum products on the worldwide market, as well as the parity between the US dollar and the Indian rupee, have affected the rates paid by customers. On the foreign market, prices have been trending downward over the last two weeks.
