ISLAMABAD, Jul 14 (APP): Prime Minister Muhammad Shehbaz Sharif Thursday announced Rs 18.54 and Rs 40.50 reduction in the per liter prices of petrol and diesel respectively from July 15.
Addressing the nation on television and radio, the prime minister said as the prices of petroleum products were falling in the international market, the present government was slashing the petroleum prices to fulfill its promise of passing on the benefit of any decrease to the consumers in Pakistan.
Holding the previous regimes responsible for all the economic woes, he expressed determination of the coalition government to put the country on the path of economic development and prosperity during the next 14 months.
The present government would focus on three vital areas of economy, including agriculture, information technology (IT) and export-based industries in the coming months, he added.
The Finance Division also notified reduction in the per liter prices of petroleum products including petrol (Rs 18.50), high speed diesel (Rs 40.54), kerosene (Rs 33.81) and light diesel (Rs 34.71).
The prime minister said a few months ago when his government assumed responsibility it inherited a broken economy. Inflation was at its highest and oil in the international market was touching the sky, he said.
The former government of Imran Khan, he added, signed an agreement with the International Monetary Fund (IMF) on tough conditions and then before its ouster violated the same and laid “mines” for the incoming government.
The previous government while suddenly decreasing the oil prices before its removal, did not make any additional allocation in the budget for the reduction, he said. He (Imran Khan) did so to create economic difficulties for the new government, he observed.
The prime minister said the previous government benefited from the low spot prices of gas in the international market, however, it failed to sign the long term agreement to buy gas at $5 per unit, which was criminal negligence and caused suffering for the nation.
Shehbaz Sharif said, “With a heavy heart, earlier we had to raise the price of oil due to its hike in the international market.” The oil prices raise was a burden for the common man but his government had no other option.
If the government had another choice, it would not have put the people in a difficult situation, he remarked.
The prime minister pointed out that today in the international market, oil prices were dropping rapidly and with the grace of Allah Almighty the government had the opportunity to reduce the same in the country and transfer complete benefit to its citizens.
He mentioned that his government had signed an agreement with the IMF after day and night hectic efforts. He appreciated Minister for Finance Miftah Ismail for for successful signing of the accord.
He reminded that there were nations in the world which 25 years back had signed their last agreement with the IMF and then they ventured on a new path and stood on their own feet with hard work, sweat and blood.
“I want that this should be the last agreement with the IMF and after that we should move towards self-sufficiency and stand on our own feet with dignity and honour.”
He said the path to self-sufficiency was not an easy one, rather a thorny one, but the nation could achieve its destination with hard work and sincerity.
“Undoubtedly the unity and sincerity of Muhammad Nawaz Sharif and the allied opposition leaders will help achieve our destination as was done by other nations.”
Shehbaz Sharif regretted that the Neelum Jehlum project, which was to be finished in seven years, could only be completed after 20 years at a cost of $5 billion instead of initial cost of $1 billion.
Likewise, he said, the Haveli Bahadar Shah power project of 1250 megawatts was started in 2018 during the government of Nawaz Sharif and could not be completed even till now.
The project should have been completed two years back but now it had already incurred an additional cost of Rs 30 to Rs 40 billion, he added.
The prime minister assured that the government would use the available resources for the country’s prosperity instead of wasting the same and the nation’s time.
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