Sharif says govt reducing prices of petroleum products despite sit-ins and protests, which were causing huge financial losses to govt
Hi-Octane price reduced by Rs 14.83 per litre, petrol by Rs 9.43, diesel and kerosene oil by Rs 6.18 and Rs 8.16, respectively
Audit report submitted in cabinet meeting reveals energy consumers were charged over Rs 2b excessively in July
Citizens can heave a sigh of relief as Prime Minister Nawaz Sharif on Friday decided to slash the prices of petroleum products by up to Rs 14.68 in wake of increasing pressure by opposition parties and the business community to shift the decrease in international oil prices to the general public.
Hi-Octane users are the biggest beneficiary of the decision as the price of Hi-Octane has been slashed by Rs 14.83 per litre to Rs 116.45. After the reduction of Rs 9.43 per litre, the price of petrol has been lowered to Rs 94.16 per litre from previous rate of Rs 103.59. The prices of diesel and kerosene oil have been decreased by Rs 6.18 and Rs 8.16 to Rs 101.12 and Rs 87.52, respectively.
The decision came in a meeting of the federal capital chaired by Prime Minister Sharif.
Addressing his ministers and advisers, Sharif said the government is drastically reducing petroleum prices despite sit-ins and protests, which he said, had caused huge losses to the national economy.
“The government is committed to bringing economic change in the country and providing relief to the people,” said the PM, adding that the country was moving towards economic stability, but sit-ins and protests had disrupted the development process.
REASSESMENT OF OVER-BILLING:
Earlier, rejecting an audit report on inflated electricity bills, the prime minister ordered the authorities concerned to rebate the overcharged bill money to consumers and address the consumers’ complaints at the earliest.
Sources said that the audit report submitted to the premier revealed that energy consumers were charged over Rs 2 billion in over-billing in July.
The report was presented by Special Assistant to PM on Energy Musadiq Malik.
According to the audit, the over-billing was a result of debt adjustment, wrong meter reading and incorrect bills.
The report, however, failed to hold any official responsible. The PM rejected the report and gave the officials concerned one week’s time to submit an audit report after reassessment. The cabinet was told that two audit firms were hired to probe over-billing. In its initial report, the firms had pointed towards 31 per cent increase in billing, 22 per cent due to tariff increase last year and nine per cent due to increase in consumption.
The secretary Water and Power proposed that the consumers which were using 300-500 units may be given a subsidy of Rs 22 billion.
The PM in this regard instructed to constitute a committee to provide immediate relief to the affectees. The committee will comprise minister for water and power, minister for petroleum, minister for interior, secretary Ministry for Water and Power, and will be headed by minister for finance.
ECONOMIC GROWTH:
Commenting on the country’s current economical state, Prime Minister Sharif said that there has been a halt in economic growth which Pakistan had begun to experience prior to the sit-in in Islamabad.
“The country would have been in a much better state economically. However, there are those who have been a hindrance to the country’s growth and development,” said Sharif, while rejecting all rigging allegations made by protesters in Islamabad. He attributed a good economy to reduced poverty, better streets, better projects, dams and new motorways.
The PM also expressed regret about the postponement of visits to Pakistan of the presidents of China, Maldives and Sri Lanka.
“Investors no longer want to come to Pakistan and the value of the rupee is declining,” Sharif lamented.
Meanwhile, sources said the cabinet decided to review the performance Minister for Petroleum and Natural Gas Shahid Khaqan Abbasi, Minister for Planning, Development and Reforms Ahsan Iqbal and Minister for Railways Khawaja Saad Rafique.
They said that the cabinet meeting could continue for three days, and could possibly continue after Ashura and the PM’s visit to China in the first week of November.
GOVT WILL FINISH TERM:
The sources said that the premier stood firm in his stance that the government should complete its five-year term.
“If we finish our five-year term, we will work on improving and building a better Pakistan. We will then be able to give the next government a more stable Pakistan to build and grow further,” the PM said.
Sharif concluded by touching upon petrol prices and urged the chief ministers of all provinces to focus on reducing transport costs so that the public could reap the benefits of lower costs.