ISLAMABAD (MNN); Prime Minister Shehbaz Sharif on Friday announced a major reduction in the petrol levy by Rs80 per litre, bringing the final consumer price down to Rs378 per litre.
In a televised address, the premier said the revised price would take effect from 12am Saturday and remain applicable nationwide. The move comes just a day after the government had raised petrol and high-speed diesel prices by 43 percent and 55 percent respectively, pushing petrol to Rs458 per litre.
He said the reduced rate of Rs378 per litre would be maintained for at least one month to provide relief to the public amid rising inflation and global oil prices.
The prime minister assured that both federal and provincial governments would continue efforts to ease public hardships during what he termed a “critical time”, especially in light of the ongoing Middle East conflict driving energy prices upward.
As part of austerity measures, Shehbaz Sharif also announced that federal cabinet members would now forgo their salaries for six months instead of the previously decided two months. He acknowledged that the decision was taken urgently without prior consultation with cabinet members.
Highlighting the global situation, he said oil prices had surged sharply due to the regional war, affecting even major economies, while Pakistan was also facing significant economic pressure.
He added that the government had tried to avoid passing the full burden of rising fuel costs onto the public over the past three weeks, keeping in view the difficulties faced by low-income groups, farmers and the general population.
