ISLAMABAD: Prime Minister Shehbaz Sharif-led federal government on Tuesday decided to maintain the prices of petroleum products at the current level for the next fortnight.
Chairing a federal cabinet meeting in Islamabad today, Prime Minister Shehbaz Sharif said, “The government decided not to pass on the benefit of lower fuel prices in the international market to people. Savings from petroleum prices will be used to heal the nation’s wounds.”
The prime minister said that the funds would be used to dualize the most important highway of Balochistan, the N-25, which links Chaman, Quetta, Kallat, Khuzdar and Karachi.
He said it will be a dual carriageway but will be renovated as per motorway standards.
After the federal cabinet’s decision, the price of petrol will remain at Rs 254.63 per litre, while high-speed diesel will be priced at Rs258.64 per litre.
Speaking on the occasion, he said that the federal government will also construct M-6 and M-9 motorways from Sukkur to Hyderabad and Hyderabad to Karachi.
The premier added that the funds the national exchequer saved due to the reduction of petroleum prices in the international market would also be used for this project.
The PM said the same savings from petroleum prices will also be used to complete phase 2 of the Kachhi Canal project, which will irrigate hundreds of acres of land in Balochistan province.
The premier elaborated that the project will ensure prosperity across Balochistan and all over Pakistan.
The prime minister said Pakistan’s four provinces are like four brothers and will share the resources equally and fairly.
He said the prosperity of Pakistan is linked with the prosperity of Balochistan.
Furthermore, the federal cabinet approved the amendment to the Petroleum Products (Petroleum Levy) Ordinance 1961. This amendment will increase national revenues.
The cabinet also accorded approval to the Sustainable Investment Sukuk Framework for the issuance of domestic securities by the government. This will be helpful in issuing Sukuk for local sustainable.
