Govt transferred benefit of reduction in oil prices to masses: PM

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday said the government has fulfilled his commitment to the nation to transfer the benefit of reduction in fuel prices.

In a tweet, the prime minister “In line with my commitment to the nation, the coalition government has been swift to transfer the benefit of reduction in oil prices to the masses.”

He expressed his resolve to continue to provide relief to the masses. “We will continue to provide relief as soon as we have financial cushion to do so. I believe in honest conversation with the nation.”

In line with my commitment to the nation, the coalition government has been swift to transfer the benefit of reduction in oil prices to the masses. We will continue to provide relief as soon as we have financial cushion to do so. I believe in honest conversation with the nation.

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— Shehbaz Sharif (@CMShehbaz) July 15, 2022

PM Shehbaz Sharif last night announced a cut of Rs 18.50 in the price of petrol and Rs 40.54 in the price of diesel.

Addressing the nation, the prime minister said that as the prices of petroleum products were falling in the international market, the present government by slashing the petroleum prices has fulfilled its promise of passing on the benefit of any decrease to the consumers.

Holding the previous government responsible for all economic woes, he expressed the determination of the coalition government to put the country on the path of economic development and prosperity during the next 14 months.

The PM said when his government assumed responsibility, it inherited a broken economy, inflation was at its highest and oil prices in the international market was touching the sky.

He said adding the former government signed an agreement with International Monetary Fund (IMF) on tough conditions and then before its ouster violated the agreement and laid landmines for the incoming government.

The government of Imran Khan while making sudden decrease in oil prices before its removal, did not make any additional allocation for the reduction in the budget, he said.

Shehbaz Sharif said oil prices hike was a burden for the common man but the government had no other option.

The prime minister pointed out that today oil prices were dropping rapidly in the global market and the government had the opportunity to reduce oil prices and transfer complete benefit to the citizens.

Later, Finance Division 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 Oil (Rs. 34.71).

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