Finance Minister announces decrease in petroleum products prices

Finance Minister announces decrease in petroleum products prices.

Hammad Azhar made this announcement, while addressing a news conference in Islamabad today (Wednesday).

Government has approved reduction of Rs1.50 on per liter price of petrol.

Finance Minister announces decrease in petroleum products prices

Besides, it granted Rs3 decrease for per litre price of diesel.

The Minister said they made this decision after consultations with Prime Minister Imran Khan.

Moreover, they also kept in view the trend of oil prices in the international market.

The Finance Minister also spoke on the Economic Coordination Committee (ECC) meeting’s decisions.

He said during today meeting, the ECC fixed the wheat support price at 1800 rupees per forty kilogram.

Hammad Azhar further said this decision will provide relief to the farmers.

He said that ECC has also decided to import five hundred thousand tonne of sugar from India.

He said the prices of the commodity are lower in India as compared to Pakistan.

Sugar import from India

Furthermore, he said the import of sugar will improve the supply situation which will directly benefit the common man.

Keeping in view the demand of Cotton, the Finance Minister said the ECC on the proposal of Ministry of Commerce has accorded approval for the import of cotton from India by the end of June.

Hammad Azhar said Pakistan has successfully raised 2.5 billion dollars through Eurobond. He said we received bids for five billion dollars.

He said it is the present government which brought the current account deficit and the primary account to surplus.

The Finance Minister said the government is fully cognizant of the problems faced by the people due to price hike.

He said we will work day and night to overcome this issue with the close coordination of the provincial governments.

Hammad Azhar recognized the contributions of his predecessors Hafeez Sheikh and Asad Umar for bringing stability in the economy.

He said he will continue to take guidance from both the former Finance Ministers to take the matters towards further improvement.

GTV