ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday announced to massively slash petrol and diesel prices by Rs18.50 and Rs40.54 a litre respectively.

The new rates would be applicable from 12:00 am tonight.

Addressing the nation on state TV, PTV, Shehbaz Sharif said, “When we came into power, the economy was ruined, petrol prices had sky-rocketed and inflation was on its peak. The previous government laid landmines for us.

“The trap was set to create difficulties for the incoming government. The previous government struck deals with the International Monetary Fund (IMF) on the most severe terms.”

Read more: Petrol Price in Pakistan: PM to receive summary on petroleum prices today

He said this way the last government committed a criminal negligence. He said the Pakistan Tehreek e Insaf (PTI) government’s decisions had coerced the coalition government to raise petrol prices, as it was left with no other choice.

“Now that the oil prices are fast falling in the international market and a deal has been struck with the IMF, after a long struggle, we have also decided to slash petrol price,” he said announcing the new prices of petroleum products.

The prime minister gave credit to Finance Minister Miftah Ismail and his team for successfully reaching an agreement with the IMF.

“I had promised to the nation that I would not misstate with it.”

PM Shehbaz said if the petrol prices were further reduced in the global market, then the masses would be provided its benefit as well.

On July 13, Shehbaz Sharif had received a summary on petroleum prices as the government aimed to reduce price of the commodity.

Finance Minister Miftah Ismail had said the summary to reduce petroleum prices was sent to the prime minister for necessary action. He had said the prices of petroleum would be reduced to provide relief to the people.

Miftah Ismail had said the prime minister sincerely wanted to give the benefits of low petroleum prices in the international market to the people without any delay.