Prime Minister Islamabad, ISLAMABAD

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Petrol and electricity prices in Pakistan decreased


Pakistani Prime Minister announces PK Rupees 10 decrease in petrol prices, and PK Rupees  5 in electricity price.


STORY:    Pakistani Prime Minister Imran Khan on Monday (February 28) announced that petrol and diesel prices will be slashed by 10 rupee a litre and the electricity rate to be cut by five rupee a unit.

In a televised address to the nation, Khan gave the “good news” about the cut in petrol and electricity prices despite a high rise in global oil market,.

“ I want to give you some good news today , which is that , instead of increasing the price by Rs 10, we have decided to decrease the price of petrol and diesel by Rs 10 from today. Let me remind you that electricity is produced form 60 % imported fuel, like I told you before. As soon as gas , coal and oil gets more expensive , our fuel adjustment charge increases . And prices of everything go up. We have decided that we are going to save our people from this,” Khan said.

He vowed that the new rates would remain in place until the next budget in June.

 Both petrol and diesel have seen multiple price hikes in the last one year under directions from International Monetary Fund (IMF) as part of its reform agenda conditioned to continue with a $6 billion rescue package it agreed with Pakistan in 2019.   

Khan didn't explain where the finances to subsidize the prices would come from.

Pakistan's economy has lately been under tremendous pressure due to a widening current account deficit and depleting foreign reserves

The announcement has come on the heels of a countrywide protest campaign by Khan's main opposition parties seeking to throw him out, mainly due to what they say his mismanagement of the economy.

Pakistan People's Party (PPP) has started of a protest march from southern Sindh province against rising inflation that is scheduled to reach Islamabad on March 8.

Another main opposition party Pakistan Muslim League (Nawaz) of former two time Prime Minister Nawaz Sharif has been out on lobbying for a no-confidence move in parliament against Khan.

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