Key Points:
- Government absorbed Rs129 billion recently to shield the public.
- Motorcyclists to receive a subsidy of Rs100 per litre.
- Public transport and trucks to get massive monthly cash subsidies.
- Small-scale farmers will receive Rs1,500 per acre in aid.
- Railway economy fares frozen to protect low-income passengers.
ISLAMABAD: In a late-night televised address to the nation on Friday, Pakistan’s Prime Minister Shehbaz Sharif announced a significant reduction in petroleum prices, providing much-needed relief to a public struggling with a global inflationary “storm.”
Effective midnight, the price of petrol has been reduced by Rs80 per litre, bringing the new rate down from Rs458 to Rs378 per litre.
The Prime Minister stated that this reduction, achieved by slashing the petroleum levy, will remain in effect for at least one month across the entire country, including Gilgit-Baltistan and Azad Jammu & Kashmir.
A shield against global inflation
Addressing the nation, the Premier highlighted the “horrendous” surge in international oil prices caused by ongoing global conflicts. He revealed that over the past three weeks, the government had already absorbed a massive burden of Rs129 billion from national resources to prevent global price hikes from reaching the common man.
“I know how the average Pakistani survives. I could not, in good conscience, pass the burden of these global price hikes onto you every single day.” – PM Shehbaz Sharif
“I know how the average Pakistani survives. I could not, in good conscience, pass the burden of these global price hikes onto you every single day,” the PM remarked, emphasising his commitment to resolving public grievances.
Comprehensive relief package
Beyond the direct reduction in petrol prices, the Prime Minister unveiled a targeted subsidy programme aimed at the transport and agriculture sectors to prevent a secondary spike in the cost of goods and travel:
- Motorcyclists: A subsidy of Rs100 per litre for bike owners.
- Public & Freight Transport: To keep fares and food prices stable, the government will provide monthly subsidies of Rs70,000 for small trucks, Rs80,000 for large trucks, and Rs100,000 for passenger buses.
- Farmers: Small-scale farmers will receive Rs1,500 per acre in financial assistance.
- Pakistan Railways: Fares for Economy Class will remain unchanged to protect low-income travellers.
National unity and austerity
The Prime Minister expressed his gratitude to the Chief Ministers of all four provinces, the CM of Gilgit-Baltistan, and the PM of AJK for their “unwavering commitment” to pooling resources for this national cause.
In a symbolic move of solidarity, he also announced that all federal ministers will surrender their salaries for the next six months to the national treasury.
“This may not be a massive sum in the grand scheme of things, but it is a message that we will save every penny possible to ensure your burdens do not increase,” he added. The Prime Minister concluded by assuring the nation that the government would work “feverishly” until economic stability is restored.
