ISLAMABAD: The federal government headed by Prime Minister Imran Khan on Tuesday decided to introduce a comprehensive strategy for determining and fixing petroleum prices in the country, ARY NEWS reported.
It was decided during a meeting chaired by the premier today where he was briefed over the factors affecting the import and pricing of the petroleum products. The policy will help transfer maximum benefit of lower fuel prices to masses.
During the briefing, it was said that the previous governments failed to devise a proper strategy dealing with the demand and supply of the fuel products. “No measures were taken to lower the transportation and other related expenditures causing burden on the masses who had to bear the brunt of increased fuel prices,” it said.
The prime minister expressed concern over the matter and said that the negligence and mismanagement of the previous governments had cost the masses dearly.
“Lack of planning regarding lowering related costs on fuel products depict their sheer incompetence,” he said adding that the incumbent government would focus on long term planning and would not adopt short term measures to resolve the matter.
It is pertinent to mention here that on February 29, the government announced a major reduction in petrol and diesel prices for the month of March in order to provide some relief to the inflation-hit masses.
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The one litre price of petrol has been reduced by Rs5 to Rs111.60, while that of high speed diesel by Rs5 to 122.26.
The price of light diesel has been decreased by Rs7 to Rs77.51 per litre. The new prices will be effective from March 1.
The government slashed the price of kerosene oil by 7 rupees to 77.51 rupees.
