Prime Minister Shehbaz Sharif will address the nation tonight in order to take citizens into confidence over the reduction in prices of petroleum products, Geo News reported Thursday.
The premier is expected to announce the price of petroleum products for the fortnight and will brief the nation about the staff-level agreement reached with the International Monetary Fund (IMF).
Late last night, the Pakistani authorities and the IMF finally reached a staff-level agreement over the release of $1.17 billion to support the country’s fragile economy.
Earlier today, talking to the media in Islamabad, Federal Minister for Finance and Revenue Miftah Ismail said that the prices of petroleum products will be lowered today instead of waiting till July 15 as PM Shehbaz wants to give immediate relief to the people.
He revealed that the finance ministry has received a summary from the Oil and Gas Regulatory Authority (OGRA) recommending a cut in prices and the Fund has no objection to it.
What could be the new petrol prices?
In line with the directives of PM Shehbaz to reduce the prices of petroleum products, the finance ministry has started deliberations after receiving the summary from OGRA.
The ministry has worked out the reduction in Mogas (petrol) price by Rs15 per litre and diesel by Rs33.99 per litre.
The new price of petrol has been proposed at Rs219.70 per litre after jacking up the petroleum levy (PL) byRs5 per litre to Rs15 per litre, from Rs10 per litre, and diesel Rs241.30 per litre after increasing the petroleum levy to Rs10 per litre from the existing Rs5 per litre.