Petroleum prices likely to decline after opening of Strait of Hormuz, says Azma Bukhari

LAHORE: Punjab Information Minister Azma Bukhari has said that petroleum prices in Pakistan are expected to decrease following the opening of the Strait of Hormuz after the reported agreement between the United States and Iran.

Addressing a press conference, Azma Bukhari said the reduction in global oil transportation costs would lead to lower petroleum prices, and the benefit of the price cut would be passed on to the public.

She said the Punjab government had presented a balanced and tax-free budget, adding that the Punjab Revenue Authority (PRA) collected 34 per cent more revenue than last year. She maintained that revenue-generating institutions would continue to improve tax collection through their own resources.

The provincial minister said that large businesses avoiding taxes would now be brought into the tax net. “No new taxes have been imposed in the budget, but those who do not pay taxes will have to fulfill their obligations,” she said.

Azma stated that Chief Minister Maryam Nawaz attended the Punjab Assembly’s budget session despite recently undergoing surgery. She said doctors had advised the chief minister to rest and avoid attending the session, but she chose to participate because of the budget’s importance.

Highlighting the government’s development initiatives, she said electric buses were first introduced in South Punjab and urged critics to acknowledge the progress made in the province.

Commenting on the opposition’s conduct during the budget session, she said opposition members listened to the budget proceedings and thanked them for their participation.

She further stated that Punjab had once again presented a surplus budget, with special emphasis on education, health, agriculture, and social welfare sectors. According to her, the provincial government has undertaken people-centric initiatives using its own resources.