Business Recorder
Prime Minister Shehbaz Sharif on Friday announced a sharp reduction of Rs80 in the petroleum levy, in a move aimed at easing the financial burden on consumers amid rising global oil prices. In a televised address, the premeier said the move will bring the price of petrol down to Rs378 per litre. The new price will be effective from midnight. The address comes a day after the government announced an unprecedented increase of Rs137.41, and Rs184.49 in the prices of petrol and high-speed diesel (HSD), respectively. The prime minister said he was once again addressing the nation at a difficult moment, as conflict in the Middle East continued to drive global uncertainty. He noted that the war had caused oil prices to surge sharply across the region, with Pakistan also feeling the impact of rising costs. He said the burden was being felt most by low-income groups, ordinary citizens and farmers. The prime minister added that he had made every effort to use the country’s limited national resources to ease these hardships and support public welfare. More to follow.
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