ISLAMABAD: Prime Minister Shehbaz Sharif, in his address to the nation on Thursday, announced that the price of petrol was being cut by Rs18.50 and diesel by Rs40.54.
The prime minister began his speech by explaining that he had inherited a “troubled economy” from the previous government. “The previous government trampled on the agreement it had with the IMF and laid landmines for us,” he said.
PM Shehbaz said the PTI government, during its final few weeks, had slashed fuel prices even though the government’s coffers were empty. “This was done so our government would fall into difficulties.”
He explained why his government had to increase petrol prices after taking over. “With a heavy heart, and due to rising oil prices in international markets, we increased prices.”
The prime minister acknowledged that the decision had burdened the underprivileged segment of the society. “We had no other way. We had to take tough measures.”
“However, today with God’s blessing, oil prices are declining in global markets and it is by his mercy that today we have got the chance to reduce the prices,” he added.