Govt reduces petrol levy by Rs80, oil product’s price decreases to Rs378 per litre

Prime Minister Shehbaz Sharif announced on Friday that the government was reducing the petrol levy by Rs80 per litre, after which the commodity would be available to the end consumer for Rs378 per litre.

He said the new price would be effective from 12am on Saturday.

The premier said this in a televised address to the nation a day after the government announced an unprecedented increase of 43 per cent and 55pc in the prices of petrol and high-speed diesel (HSD), respectively

The PM began by saying he was once again addressing the nation at a challenging time, with a war going on in the Middle East. And due to that war, oil prices had skyrocketed across the region, he said, adding that Pakistan had also been feeling the impact of the soaring prices.

In these circumstances, he continued, the poor, the common man, and farmers were facing difficulties.

He said he had tried his best to utilise the “national resources, which are limited”, to reduce those difficulties and for the public welfare.

Reiterating that oil prices had soared in international markets, he said, adding that even big economies were struggling in the face of rising inflation. “Certainly, Pakistan is also badly affected by it,” he said.

He added that he “did not find it appropriate to pass on the burden of the increase in oil prices to the people over the past three weeks” as he was aware of the difficulties of the common man.

More to follow