ISLAMABAD: Federal government on Saturday announced to not reduce petrol prices in Pakistan, instead provide relief to the people through reduced electricity rates.
Prime Minister Shehbaz Sharif has decided to maintain the petrol prices in Pakistan while transferring the financial relief to the common public through subsidised rates of electricity.
“We have decided to maintain petrol prices in Pakistan at their current levels and transfer the full financial benefit to the public by reducing electricity prices,” the Prime Minister said.
Earlier this week, media reports claimed that the government would significantly slash petrol prices across the country from March 16, owing to decline in global oil market rates.
It was expected that the government may reduce the petrol prices in Pakistan by up to Rs14 per lire in the upcoming fortnightly review.
However, much to the surprise of the citizens, the premier has instead announced relief in electricity costs aimed at achieving a meaningful reduction in electricity tariffs.
This step is among several others that will lead to a significant reduction in electricity prices,” he added.
“A comprehensive and effective strategy is being prepared under which a package is being developed to reduce electricity prices. The details are being finalised,” the Prime Minister said.
According to the details, the Prime Minister intends to announce the relief package that will utilise the financial flexibility created by fluctuations in global oil prices and other measures to provide substantial relief to the public.
“The financial space created by changes in global oil prices and other measures will be used to provide significant relief to the public through reduced electricity costs,” he explained.
Earlier this week, the government, much to the chagrin of public, announced significantly reducing buyback rates of electricity from solar net-metering consumers.
