Islamabad: PakistanPrime Minister Imran KHAN The global oil market on Monday announced cuts in petrol and electricity prices despite a sharp rise, vowing to stabilize the new rates till the next budget in June.
The move comes as Khan’s opposition, who are already holding street protests in what they say is his mismanagement of the economy and rising inflation, say it will require a no-confidence motion in parliament to remove him. ready to offer.
In a televised address to the nation, Khan said petrol and diesel prices would be cut by Rs 10 per liter and electricity rates by Rs 5 per unit.
The prices of both the commodities have increased several times in the last one year. International Monetary Fund (IMF) agreed with Pakistan in 2019 as part of a reform agenda, and which is set to continue with a $6 billion rescue package.
“We have decided that we will not increase the prices of these two items till the next budget,” Khan said.
Mine’s announcement came after the price of Brent crude oil recently crossed $100 a barrel in the global market.
Pakistan’s economy has been under pressure recently due to rising current account deficit and depleting foreign reserves.
“This will be achieved by reducing PDL (petroleum levy) in the short term but funded subsidies in the long term,” Energy Minister Hammad Azhar said in a tweet.
Referring to Khan’s promises, Mustafa Nawaz Khokhar, a leader of the opposition, told Geo News TV, “You know why this is being done, as you see the opposition is already moving towards Islamabad. ”
Khokhar’s Pakistan People’s Party (PPP) has started a protest march from southern Sindh province against rising inflation. It is scheduled to reach Islamabad on March 8.
Another main opposition party, the former two-time Prime Minister of Pakistan Muslim League (Nawaz) Nawaz SharifAdvocating a no-confidence motion against Khan in Parliament.
The move comes as Khan’s opposition, who are already holding street protests in what they say is his mismanagement of the economy and rising inflation, say it will require a no-confidence motion in parliament to remove him. ready to offer.
In a televised address to the nation, Khan said petrol and diesel prices would be cut by Rs 10 per liter and electricity rates by Rs 5 per unit.
The prices of both the commodities have increased several times in the last one year. International Monetary Fund (IMF) agreed with Pakistan in 2019 as part of a reform agenda, and which is set to continue with a $6 billion rescue package.
“We have decided that we will not increase the prices of these two items till the next budget,” Khan said.
Mine’s announcement came after the price of Brent crude oil recently crossed $100 a barrel in the global market.
Pakistan’s economy has been under pressure recently due to rising current account deficit and depleting foreign reserves.
“This will be achieved by reducing PDL (petroleum levy) in the short term but funded subsidies in the long term,” Energy Minister Hammad Azhar said in a tweet.
Referring to Khan’s promises, Mustafa Nawaz Khokhar, a leader of the opposition, told Geo News TV, “You know why this is being done, as you see the opposition is already moving towards Islamabad. ”
Khokhar’s Pakistan People’s Party (PPP) has started a protest march from southern Sindh province against rising inflation. It is scheduled to reach Islamabad on March 8.
Another main opposition party, the former two-time Prime Minister of Pakistan Muslim League (Nawaz) Nawaz SharifAdvocating a no-confidence motion against Khan in Parliament.
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