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Pakistan cuts petrol price by PKR 80, day after hike saw severe ...
A day after an unprecedented surge in fuel prices triggered severe backlash, Pakistan Prime Minister Shehbaz Sharif has announced slashing the petrol price by PKR 80. Sharif in a midnight address Friday announced that the government has decided to reduce petrol levy by PKR 80 per litre, making the commodity available to the end consumer for PKR 378 per litre. The government on Thursday announced an unprecedented hike of 43 per cent and 55 per cent in the prices of petrol and high-speed diesel (HSD), respectively. The rise in petrol price from PKR 321.17 to PKR 458.41 per litre came as the government levy increased from PKR 105 to PKR 160 per litre. The government had also increased HSD price by PKR 184.49 per litre -- from PKR 335.86 to PKR 520.35 -- but had abolished the levy, prompting demands that the government should follow suit with regard to petrol price, providing some relief to citizens.Also Read "I am announcing an immediate reduction of PKR 80 per litre in petrol levy," he said, adding that the new price of PKR 378 per litre would take effect from midnight, with petrol available at the revised rate at petrol stations across the country. The Pakistan prime minister said the petrol price would remain unchanged for at least one month. He emphasised that the situation in the Gulf region was responsible for the hike in petroleum prices, but the government was making every effort to keep prices in check. "Through careful savings and prudent use of resources, we tried to shield you from the storm of inflation," he added. Sharif said previously it was decided that federal cabinet members would not receive their salaries for two months as part of austerity measures taken by the government to deal with the fuel crunch. However, now they would have to go without salaries for six months, he announced. "Over the past three weeks, I did not consider it appropriate to pass on the daily increase in oil prices to the public, as I am fully aware of the challenges faced by the common man in making ends meet," he said. Additionally, the prime minister announced relief measures for vulnerable segments, including a subsidy of PKR 100 per litre for motorcycle users, PKR 70,000 to 80,000 to goods transport vehicles, and PKR 1,00,000 to passenger vehicles. "For small farmers, financial assistance of PKR 1,500 per acre has been announced," he said. Further, a decision was also taken regarding Pakistan Railways to ensure that fares for economy class passenger...
Pakistan PM cuts petrol price a day after hike as Iran war drives oil shock | Arab News PK
ISLAMABAD: Pakistan’s prime minister on Friday cut petrol prices by Rs80 ($0.29) per liter, a day after the government sharply raised fuel prices in response to the global oil shock triggered by the Iran war. The decision lowers petrol prices from Rs458.41 ($1.65) to Rs378 ($1.36) per liter from midnight (Saturday), partially reversing Thursday’s increase, when the government raised petrol by Rs137.24 ($0.49) per liter and diesel by Rs184.49 ($0.66) per liter. Diesel was raised to Rs520.35 ($1.87) per liter on Thursday. The rollback comes after the government on Thursday said it was passing on rising international oil costs caused by the conflict involving the United States, Israel and Iran, which has disrupted global energy markets and shipping routes, particularly through the Strait of Hormuz, a critical artery for oil supplies. In his address, Prime Minister Shehbaz Sharif said the government had already announced targeted subsidies for motorbike users, farmers, freight transport and public transport but had decided broader relief was also needed after consultations with national and provincial leaders because higher fuel prices would still leave households under pressure. “With this in mind, I would like to announce today that the price of petrol, which is Rs. 458 per liter, will be reduced to Rs. 378 per liter,” Sharif said. He said the reduction would be financed through an Rs80 ($0.29) per liter cut in the petroleum levy and would remain in place for at least one month across Pakistan. The prime minister said the targeted subsidies announced on Thursday would continue. Under that package, motorbike users are to receive Rs100 ($0.36) per liter, capped at 20 liters a month for three months, while small farmers are to get a one-time payment of Rs1,500 ($5.40) per acre to offset higher diesel costs during harvesting. The government had also announced monthly support for the transport sector, including Rs70,000 ($252) for freight trucks, Rs80,000 ($288) for larger transport vehicles and Rs100,000 ($360) for public passenger buses, while Pakistan Railways was to receive support to keep lower-class fares manageable. Pakistan, which relies heavily on imported fuel, has been trying to cushion consumers from the fallout of the conflict while maintaining supply. Sharif said the government had avoided the severe shortages and long queues seen in some other countries affected by the crisis. He also announced additional austerity measures, including exte...
Pakistan slashes petrol price by PKR 80 per litre day after sharp hike | World News
A day after an unprecedented surge in fuel prices triggered severe backlash, Pakistan Prime Minister Shehbaz Sharif has announced slashing the petrol price by PKR 80.
Pakistan PM Shehbaz Sharif Reduces Petrol Prices, Announces Free Public Transport Amid Energy Crisis, Iran War
The announcement came after street ... backpedaled late Friday, saying he was reducing the levy and setting petrol prices at 378 rupees per litre....
