PM Shehbaz slashes petrol price by Rs18.50 per liter

ISLAMABAD: Prime Minister (PM) Shehbaz Shairf Thursday slashed the price of petrol by Rs18.50 per litre in order to provide maximum relief to the consumers.

Addressing the nation, the premier said that the government had increased the price of petrol after coming into power to meet the conditions laid forth by the International Monetary Fund (IMF), which were agreed by the previous PTI-led government.

However, now as the prices are declining in the international market the government has decided to pass on the relief to people and therefore reduced the price of petrol and diesel by Rs18.50 and Rs40.54 per litre, respectively.

The new price of petrol will be Rs230.24 per litre while diesel will be available at Rs236 per litre.

Pakistan and International Monetary Fund (IMF) have reached an agreement under which Pakistan will soon receive one point one seven billion dollars.

Read more: Govt jacks up petrol price by Rs14.85 per litre

The relief was announced by the premier as he addressed the nation about the country s economic situation, the government s performance over the last three months and the agreement with IMF.

In a tweet on Thursday, Minister for Finance and Revenue Miftah Ismail says the agreement has been inked to complete the 7th and 8th reviews of Pakistan’s Extended Fund Facility.

He thanked Prime Minister Shehbaz Sharif, his fellow ministers and financial team for their help and efforts in reaching the agreement with IMF.

The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries.

Its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”