PM Khan Announces Reduction in Petrol Prices & Power Tariff

Prime Minister Imran Khan has announced a massive reduction in the Petrol Prices in Pakistan from 1 March 2022 alongside a Rs. 5 per unit reduction in the power tariff. The development came during the Prime Minister’s address to the nation on Monday.

According to Prime Minister Imran Khan, the Petrol Price in Pakistan has been slashed by Rs. 10 per litre, while the Diesel Price will also see a reduction of Rs. 10 per litre. The premier mentioned that the prices of these commodities will not be increased until the next budget.

Prime Minister @ImranKhanPTI, during his address to nation, announces to slash petroleum prices by Rs10/liter with immediate effect, and not to pass on the impact of global petrol hike to the consumer for next four months. pic.twitter.com/k1JNwAfZdS
— Prime Minister’s Office, Pakistan (@PakPMO) February 28, 2022

It is pertinent to mention that the Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs. 8-10 per litre in the Petrol and Diesel Price in Pakistan, however, the summary was rejected by the Prime Minister. The new Petrol Prices in Pakistan will come into effect from 1 March 2022.

Prime Minister Imran Khan said that Petrol Prices in Pakistan are still cheaper compared to other countries. “Among 190 countries, Pakistan stands at number 25 in terms of lowest petrol and diesel prices,” he said during his address to the nation.

He added that in Pakistan, the Price of petrol is Rs. 160 per litre, while it is Rs. 260 in India, Rs. 185 in Bangladesh, and Rs. 200 in Turkey. “If the government stops providing subsidies worth Rs70 billion every month then the Price of Petrol in Pakistan would have been Rs220 per litre,” said Prime Minister Imran Khan.

Moreover, the premier announced that electricity prices have also been slashed by Rs. 5 per unit in order to provide relief to the general public amid rising inflation in the country. This will provide relief to low and middle income households as well as all commercial consumers.

Prime Minister @ImranKhanPTI annouces Rs 5 per unit relief for low & middle income electricity consumers, and all commercial consumers. 95% consumers to benefit from the relief. pic.twitter.com/QYo4KVMCyo
— Prime Minister’s Office, Pakistan (@PakPMO) February 28, 2022