PM Shehbaz Sharif

PM Shehbaz Sharif reduces Petrol & Diesel Prices. What are Reduced Price?

ISLAMABAD: Following a decline in the price of oil on the international market, PM Shehbaz Sharif on Thursday announced a reduction in the price of gasoline by Rs18.50 per litre.

The government lowers the cost of gasoline and diesel by respectively Rs18.50 and Rs40.54 per litre.

PM Shehbaz Sharif

The government, however, decided to pass on the relief to the populace as prices are now falling on the global market and as a result, reduced the cost of gasoline and diesel by Rs18.50 and Rs40.54 per litre, respectively.

Diesel will now cost Rs236 per litre, while gasoline will now cost Rs230.24 per litre. However, not all petroleum products have seen an increase in the petroleum levy.

   Product

 

 

Existing price

 w.e.f
01.07.2022

 New price

 w.e.f
15.07.2022

 Increase/ (-)   Decrease

  Petrol  Rs.248.74  Rs.230.24          -18.5
  Diesel  Rs.276.54  Rs.236           -40.54
  Kerosene Oil  Rs.230.26  Rs.196.45           -33.81
  Light Diesel Oil  Rs.226.15  Rs.191.44           -34.71

PM Shehbaz reiterated at the outset of his speech that the coalition government had inherited a “troubled economy” from the previous administration.

He claimed that the previous administration “trampled on the agreement it had made with the IMF and laid landmines for us.”

The premier continued by saying that the previous PTI administration had reduced fuel prices in the final weeks of its term even though the government’s coffers were empty. This was done to make life difficult for our coalition government.

He acknowledged that the poorer section of society had been burdened by the decision to raise the price of petroleum products and said: “We were without a choice. We had to take drastic action.”

But today, he continued, “oil prices are declining in international markets with God’s blessing, and it is only through His mercy that we have had the opportunity to reduce the prices today.

Regarding the staff-level agreement with the IMF, Prime Minister Shehbaz expressed his gratitude to Finance Minister Miftah Ismail and his group for their assistance in reviving the loan facility with the international lender but expressed the hope that this particular agreement would be the last. We’ll attempt to stand on our own two feet after this.

The future may be “thorny and difficult,” the prime minister warned, but in the end, he assured the public that “good times will come soon.”

The finance minister responded to the prime minister’s announcement by saying, “PM has just announced a reduction in the prices of petrol by Rs 18.5 per litre and by Rs 40.54 per litre.”.

“Starting on July 15, gasoline will cost Rs 230.24 and diesel Rs 236 per litre, respectively. Alhamdulillah, Kerosene is now cheaper by Rs 33.81 to Rs 196.45, and LDO is now cheaper by Rs 37.71 to Rs 191.44. He shared a graph of Brent crude oil prices on the global market in his tweet.

Read More ; Govt to Cut Down petrol, diesel prices today, Miftah confirms

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