ISLAMABAD, Pakistan: Prime Minister Nawaz Sharif has announced further reduction in the prices of petroleum products.
In his address at a news conference in Islamabad on Wednesday evening, he said that petrol prices are being reduced by Rs6.25 per liter, high octane blending component (HOBC) Rs14.14 per liter, Kerosene oil Rs11.26, light diesel oil Rs10.48 and high diesel oil by Rs7.86 per liter.
The prime minister said that benefit of the reduction in petroleum prices is being transferred to the masses.
Sharif said that he will talk to provincial governments to make sure that the benefits are being transferred at the grass root level.
Talking about electricity prices, the prime minister said that Rs2.32 per unit reduction in electricity prices was announced earlier and the consumers will receive reduced bills in January.
The premier said that the government revenues due to reduction in electricity prices were also reduced by Rs68 billion.
Nawaz Sharif said that to bridge this gap, the government has decided to increase general sales tax by five percent on all petroleum products except furnace oil.