Prime Minister Shahbaz Sharif has announced a reduction in the price of petrol by Rs 18.50 per liter, effective from 12 noon tonight.
Addressing the nation, Prime Minister Shahbaz Sharif said, “When we took over the reins of government a few months ago from today, we inherited a devastated economy, inflation was at its peak inside Pakistan and world oil prices skyrocketed”.
He said that the previous government had reached an agreement with the IMF on the strictest terms, but the previous government dismantled it and laid landmines for us. “There was a sudden drop in oil prices, for which there was no money in the treasury, and this was done only to get our government in trouble,” he said.
“The former government not only benefited from the spot market when gas prices were so low in the world, but also made the worst of long-term gas deals that could have been at 5 per unit,” he said.
He showed criminal negligence, the consequences of which are being felt by the entire nation today.
The Prime Minister said that I had promised you that I would never misrepresent and we kept a stone on our heart and increased their prices as a result of rising oil prices in the world market, which is definitely burdened the common man.
“We had no other choice. If we had a way, we would never allow these problems to arise for you, so we have to make tough decisions,” he said.
“Thank God, oil prices are falling sharply in the world market today and we have had the opportunity to bring down the prices and we have had the good fortune to convey to you every penny of that reduction,” he said.
Prime Minister Shahbaz Sharif said that an agreement has been reached with the IMF even after day and night efforts, the credit for which goes to our Finance Minister Miftah Ismail and his team who succeeded in reaching an agreement after all efforts.