PM Shehbaz Directs Drastic Cut in Petroleum Prices for June 2024

PM Shehbaz Directs Drastic Cut in Petroleum Prices for June 2024 – In a decisive move to provide relief to the public, Prime Minister Shehbaz Sharif has instructed the Ministry of Finance to implement a significant reduction in petroleum prices, effective from June 1, 2024.

This directive aims to ease the financial burden on citizens and stimulate economic activity by lowering fuel costs.

According to reports from Pakistani media, Prime Minister Shehbaz Sharif has mandated a reduction in petrol prices by Rs 15.4 per liter and diesel prices by Rs 7.9 per liter. This substantial cut is part of the government’s broader strategy to tackle inflation and promote economic stability.

In a statement released by the Prime Minister’s Office, Shehbaz Sharif emphasized the government’s commitment to pro-people policies. “Our government’s initiatives have resulted in a notable decline in inflation and have stabilized the economy. The reduction in petroleum prices is another step towards alleviating the financial pressure on our citizens,” he stated.

The decision to lower fuel prices is expected to have a widespread positive impact on various sectors of the economy. Reduced transportation costs will likely decrease the cost of goods and services, thereby easing inflationary pressures and increasing disposable income for households. This measure aligns with the government’s efforts to boost economic growth and improve the standard of living for the people of Pakistan.

Economists and industry experts have lauded the decision, highlighting its potential to stimulate economic activity. Lower fuel prices can lead to increased consumer spending and investment, as businesses and individuals benefit from reduced operational and commuting costs. This move is seen as a timely intervention to support economic recovery and growth.

The public reaction to the announcement has been overwhelmingly positive, with citizens expressing relief and appreciation for the government’s efforts to address their financial concerns. Many hope that this reduction in petroleum prices will be sustained and that the government will continue to take measures that promote economic stability and growth.

Prime Minister Shehbaz Sharif’s directive to slash petroleum prices is a significant step towards economic relief and stability. By reducing the cost of fuel, the government aims to lower inflation, stimulate economic activity, and enhance the quality of life for the people of Pakistan. This pro-people policy underscores the government’s dedication to addressing the immediate needs of its citizens while fostering long-term economic growth.