Prime Minister Announces Early Reduction in Petroleum and Electricity Prices

In a move deviating from the usual schedule, the Prime Minister’s Office announced a reduction in the prices of petroleum products a day earlier than the customary announcement dates of the 15th and the last day of each month. This unexpected decision comes as part of broader efforts to provide economic relief and stimulate industrial growth.

According to the Prime Minister’s Office, the price of petrol has been reduced by Rs 10.20 per litre, bringing the new price to Rs 258.16 per litre. Similarly, the price of diesel has been decreased by Rs 2.33 per litre, setting the new price at Rs 267.89 per litre.

Information Minister Atta Tarar conveyed that the new prices for petrol and diesel would be effective from midnight tonight. This swift implementation underscores the government’s commitment to providing immediate relief to consumers amidst fluctuating global oil prices and domestic economic challenges.

This reduction follows a previous decrease on June 1, when the government lowered the price of petrol by Rs 4.74 per litre. The consistent efforts to reduce fuel costs reflect the administration’s strategy to manage inflationary pressures and support the economic welfare of the populace.

In addition to the cuts in fuel prices, Prime Minister Shehbaz Sharif has taken significant steps to boost industrial activity and exports by reducing electricity prices for industries. The electricity tariff for the industrial and export sectors has been reduced by Rs 10.69 per unit, setting the new rate at Rs 34.99 per unit. This measure is expected to lower operational costs for businesses, enhance competitiveness in international markets, and stimulate economic growth.

This reduction in electricity prices is part of a historic initiative by Prime Minister Sharif to foster a more favorable environment for industrial expansion and export growth. By lowering energy costs, the government aims to attract more investment into the industrial sector, increase production capacities, and ultimately drive up export volumes.

The early announcement of these price reductions has been welcomed by various sectors, particularly industries and consumers, who are likely to benefit from lower transportation and production costs. It demonstrates the government’s proactive approach in addressing economic issues and supporting both the general public and business community during challenging times.

The Prime Minister’s Office highlighted that these decisions are part of a broader economic strategy aimed at stabilizing the economy, reducing inflationary pressures, and promoting sustainable growth. The timely intervention in reducing fuel and electricity costs is anticipated to have a positive ripple effect across various sectors of the economy, contributing to increased disposable income for consumers and lower production costs for industries.

The Prime Minister’s decision to reduce the prices of petroleum products and electricity a day earlier than usual, along with the significant cut in industrial electricity tariffs, marks a pivotal step in the government’s efforts to support economic stability and growth. By easing the financial burden on both consumers and businesses, these measures are expected to enhance economic resilience and drive forward the country’s industrial and export performance.