Govt to pass on petrol price cut benefit to people

1684508745 Govt to pass on petrol price cut benefit to people
Prime Minister Shehbaz Sharif chairs a meeting of the federal cabinet on May 19, 2023. — PID
Prime Minister Shehbaz Sharif chairs a meeting of the federal cabinet on May 19, 2023. — PID

The federal cabinet, led by Prime Minister Shehbaz Sharif, has decided to pass on the recent reduction in petroleum product prices to the public through decreased transport fares and lower prices of essential items. The decision was made days after the government slashed fuel prices by up to Rs30 per liter.

The Prime Minister directed that the benefits of the reduction in petroleum prices must be transferred to the public. He urged the interior ministry and district administrations all over Pakistan to oversee the decrease in commodities prices.

The Pakistan Democratic Movement (PDM)-led federal government announced on May 15 that petrol would be sold for Rs270 per litre, which is a Rs12 per litre reduction in price due to the fall in international oil rates. According to Finance Minister Ishaq Dar, petroleum prices would be slashed by up to Rs30 per litre, with the government intending to provide relief to the public during every fortnightly review.

The Prime Minister called for strict action against those who take advantage of the reduction to make a profit. He requested that the prices of transport and essential items should be proportionate to the 11% drop in the petroleum prices announced by the government.

During the meeting, the Prime Minister briefed the cabinet on his recent visit to Iran and stated that Pakistan was eager to strengthen cooperation with its neighboring country in a variety of fields. Both sides agreed to enhance security along the 900km Pakistan-Iran border and combat cross-border terrorism.

‘Low-cost Electricity from Iran’

The Prime Minister said that importing low-cost electricity from Iran would benefit the remote areas of Balochistan. He stated that Iranian President Ebrahim Raisi took personal interest in ensuring the completion of the 100MW Gabd-Polan power transmission line, which was significantly delayed, within a record time. The project will guarantee the provision of electricity to southern Balochistan, especially Gwadar, he said.

In addition, the Mand-Pishin border marketplace will create employment opportunities for those living on both sides of the border, ushering in a new era of development.

The Prime Minister informed the cabinet that the Iranian President expressed a keen interest in enhancing bilateral trade and discussed cooperation in the fields of agriculture, science and technology, and solar energy. A high-level delegation led by Foreign Minister Bilawal Bhutto will visit Iran for further deliberations on these projects.


The Prime Minister also extended an invitation to President Raisi to visit Pakistan, which he agreed to.