Prime Minister Shahbaz Sharif has announced that low-income families in Pakistan will receive a petrol relief package stipend of RS 50 per liter. This decision made after the government recently announced an increase in petrol prices, leaving out significant light diesel oil, by up to RS 13 per liter for the next fortnight. The Finance Minister attributed the increase in petrol prices to the rise in Platts Singapore prices and the devaluation of the rupee, which has been going on for over a fortnight.
As a result of the increase in petrol prices, the price of high-speed diesel has reached a new record high of RS 293 per liter, which has had a direct impact on buyers and increased transportation costs. Petrol prices have increased by RS 5 per liter, while high-speed diesel prices have increased by RS 13 per liter. The government had already increased petrol prices in January by RS 65 for high-speed diesel and RS 62 for petrol.
To help alleviate the burden on low-income consumers who use bikes, rickshaws, and 800cc cars, the government has announced a subsidy program. According to Shehbaz Sharif, this program will implement immediately after cooperation with relevant departments. He added that the petrol subsidies will only given to poor and low-income people in society. The Prime Minister emphasized that despite the government’s economic difficulties, it is making efforts to help the poor.
During the meeting where this decision taken, Petroleum Minister Musadik Malik explained the petroleum subsidies and strategy. Other officials present included Finance Minister Ishaq Dar, mentor to PM Ahad Cheema, special assistant to PM Tariq Bajwa, finance minister and petroleum secretaries, and other high-grade officers.
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