ISLAMABAD: Prime Minister Shahbaz Sharif will address the nation tonight and is likely to announce a reduction in the prices of petroleum products for the next fortnight.
Sources privy to the matter said that PM Shahbaz will take the nation into confidence on the matter.
Earlier in the day, Finance Minister Miftah Ismail confirmed that the government will not wait for July 15 to slash the prices of petroleum products.
Talking to media persons, Ismail announced, “The prices of petroleum products would be reduced today (Thursday). PM wanted to give instant relief to the masses.”
He confirmed that the Finance Ministry has received a summary from the Oil and Gas Regulatory Authority (Ogra) recommending a cut in prices.
He felicitated the nation for standing by PM Shahbaz while making tough decisions. The finance minister said that the nation was aware of the crisis being faced by the country.
He also congratulated the nation on the staff staff-level agreement with IMF and said the difficult time has ended and the time has come to give relief to the people.
IMF has no objection to reducing the prices of petroleum products, he added.
“Under the leadership of Prime Minister Shahbaz Sharif, we made a good deal with the IMF,” said Ismail. Criticising the past government, the finance minister said that the IMF observed Pakistan suffered huge budget deficits due to late actions in the previous year.
