Screengrab of P.M. Shehbaz Sharif’s national address
Prime Minister Shehbaz Sharif on Thursday night announced the government was reducing the prices of all fuel products to pass on the global decline to the public and ensure relief for consumers.
In a televised address, the prime minister reiterated the government had been “compelled” to increase the price of petrol after coming into power in April because of agreements signed between the ousted Pakistan Tehreek-e-Insaf (PTI)-led government and the International Monetary Fund (IMF). With the global decline in fuel prices, he said, the government had decided to pass on the benefit to the public.
According to a notification of the Finance Division, the price of petrol has been reduced by Rs. 18.5/liter, from Rs. 248.74/liter to Rs. 230.24; high-speed diesel has been reduced by Rs. 40.54 from Rs. 276.54 to Rs. 236/liter; kerosene oil has dropped by Rs. 33.81 from Rs. 230.26 to Rs. 196.45/liter; and light-diesel oil has been reduced from Rs. 226.15 to Rs. 191.44/liter, a drop of Rs. 34.71.
Prior to announcing the fuel tariff reduction, the prime minister repeated claims of inheriting a “troubled economy,” stressing that “landmines” had been laid by the ousted government after it violated its agreement with the IMF. He reiterated that the PTI had slashed fuel prices through an unsustainable and unfunded subsidy to create difficulties for the incoming government.
“We had no other way. We had to take tough measures,” he said of the decision to hike fuel prices, which he admitted had the most adverse impact on the underprivileged segments of society. “However, today with God’s blessing, oil prices are declining in international markets and it is by His mercy that we have had the chance to reduce the prices today,” he said.
Stressing that he had vowed to never lie to the public, he emphasized that there were still “difficult” times ahead. However, he added, “good times” would come soon as a result of the incumbent government’s efforts. He especially appreciated Finance Minister Miftah Ismail and his team for working to revive a stalled loan program with the International Monetary Fund (IMF), but said no country could afford to keep operating on the basis of loans. Hoping the ongoing bailout would be Pakistan’s last, he added: “After this, we will try to stand on our own feet.” He said the efforts of the incumbent coalition government would help Pakistan achieve this destination.
P.M. Sharif said the government would focus on three vital areas of the economy in the coming months to achieve self-sufficiency: agriculture, information technology and export-based industries.