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PM Nawaz approves cut in petroleum prices.

Byline: Ali Furqan

ISLAMABAD -- On the directive of Prime Minister Nawaz Sharif, petroleum prices have been reduced up to Rs 5.61 per litre as per recommendations of the ministry of finance with effect from April 1. A statement issued by the spokesman for the Prime Minister on Monday stated that Prices of petrol, High Octane, High Speed Diesel, Kerosene Oil and Light Speed Diesel have been reduced by Rs 1.72, Rs 4.66, Rs 2.90, Rs 5.61 and Rs 5.16 respectively.

The spokesman said that the prime minister's decision was aimed at shifting the benefit of decline in dollar prices to the people. Finance Minister Muhammad Ishaq Dar called on Prime Minister Muhammad Nawaz Sharif here on Monday and apprised him of the country's economic situation. During the meeting, the Finance Minister informed the Prime Minister that since dollar exchange rate against Pak Rupee was hovering around 98, therefore, imports would receive positive impetus. Keeping in view these factors, the Prime Minister directed to pass on the benefits of currency stabilization to common man. Moreover, Prime Minister has written a letter to all provincial Chief Ministers after reduction in petroleum prices.

as a result of the appreciation of Pak. Rupee vis-a-vis dollar, marking a decrease by 5 percent in import costs. Prime Minister has said that it is high time to pass on benefits of cheaper imports and cheaper cost of transportation to the citizens. People of Pakistan expect reduction in fares of urban and inter-city transport, stated the Prime Minister. In his letter to Chief Ministers, PM further stated that "We expect lower prices of essential commodities due to lower transportation costs. I expect your personal interest and strong follow-up for immediate relief to the people of Pakistan".

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Publication:Frontier Post (Peshawar, Pakistan)
Geographic Code:9PAKI
Date:Apr 1, 2014
Words:294
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