In a bid to provide relief to the masses, the federal government of Pakistan has announced its decision to pass on the recent reduction in petroleum product prices to the public. The decision was made during a meeting of the federal cabinet chaired by Prime Minister Shehbaz Sharif, following the government’s move to slash fuel prices by up to Rs30 per litre.
During the meeting, Prime Minister Shehbaz Sharif instructed the relevant authorities to ensure that the decrease in petroleum prices translates into reduced transport fares and lower prices of essential items. He directed the interior ministry and district administrations across the country to take necessary measures to ensure the reduction in commodity prices.
On May 15, the government, led by the Pakistan Democratic Movement (PDM), announced a decrease in petrol prices by Rs12 per litre, bringing it down to Rs270 per litre due to a decline in international oil rates. The government has consistently aimed to provide relief to the public through regular reviews of petroleum prices, according to Finance Minister Ishaq Dar.
Prime Minister Shehbaz Sharif stressed the importance of taking strict action against profiteers and ensuring that transport fares and prices of essential goods are reduced proportionally to the 11% decrease in petroleum prices. The objective is to pass on the benefits of lower fuel costs directly to the people.
During the cabinet meeting, the Prime Minister also shared details of his recent visit to Iran and expressed Pakistan’s desire to enhance cooperation with its neighbouring country in various sectors. He highlighted the agreement between Pakistan and Iran to improve security along the 900km Pak-Iran border and jointly counter cross-border terrorism.
Furthermore, the Prime Minister discussed the import of low-cost electricity from Iran, which would contribute to the development of remote areas in Balochistan. He highlighted President Ebrahim Raisi’s personal interest in expediting the completion of the long-delayed 100MW Gabd-Polan power transmission line, which would ensure a stable power supply to southern Balochistan, particularly Gwadar.
The premier also mentioned the Mand-Pishin border marketplace, which is expected to generate employment opportunities for people on both sides of the border and foster economic development. The Iranian president expressed keen interest in enhancing bilateral trade and exploring cooperation in agriculture, science and technology, and solar energy. A high-level delegation led by Foreign Minister Bilawal Bhutto will visit Iran for further discussions on these projects, and President Raisi has accepted an invitation to visit Pakistan.
The government’s decision to pass on the benefits of reduced petrol prices to the public aims to alleviate the financial burden on the masses. Prime Minister Shehbaz Sharif’s directive to lower transport fares and commodity prices demonstrates the government’s commitment to ensuring that the public directly benefits from these reductions. Additionally, the Prime Minister’s discussions with Iran highlight Pakistan’s efforts to strengthen bilateral cooperation in various sectors, including security, energy, trade, and technology.