ISLAMABAD: Prime Minister Shehbaz Sharif has decided to maintain the current prices of petroleum products for the next fortnight. Instead of passing on the benefit of reduced international petrol prices to consumers, the government plans to redirect the savings toward a significant reduction in power tariffs for the public.
However, in fact the government has increased Petroleum Levy (PL) by Rs 10 per litre to bridge falling tax revenues to get IMF tranche.
According to an official statement issued by the Prime Minister Office (PMO) on Saturday, the federal government aims to preserve petroleum product prices while transferring the full financial benefit to the people through lower electricity rates.
This decision is part of a broader strategy to achieve a meaningful reduction in electricity costs, the Prime Minister explained. A comprehensive package is being prepared, utilizing the financial space created by fluctuations in global oil prices, to provide significant relief to consumers.
PM Shehbaz who has held details discussions with the business leaders in three grounds during the last two weeks on the economy and future plans, further stated that the details of the power tariff reduction package are in the final stages of preparation and will be unveiled in the coming weeks.
Since taking office, the Prime Minister emphasized his administration’s commitment to prioritizing public relief. He expressed a determination to offer further assistance to the public, alongside the planned reduction in power tariffs.
“The relief will not only lower electricity prices but will also have a broader impact on inflation, leading to a further decrease,” said the Prime Minister. He also announced plans to address the nation to formally announce this major relief measure.
Ends
