PM announces further cut in prices petroleum products:Petrol Rs.6.25 down

December 31, 2014

      ISLAMABAD, Dec 31 (APP): Prime Minister Muhammad Nawaz Sharif
Wednesday announced further reduction in the prices of petroleum
products, which will be effective from January 1, 2015.
      Addressing a news conference at the Parliament House, the Prime
Minister said that petrol prices were being reduced by 6.25 rupees per
liter, HOBC 14.14 rupees per liter, Kerosene oil 11.26 rupees,
Light Diesel Oil 10.48 rupees and High Diesel Oil by 7.86 rupees per
liter.
      He said that security issue was top priority of the government,
however, other plans were also afoot to give relief to the people, adding
that the government was giving a gift of the new year to the people by
further reducing prices of petroleum products.
      The Prime Minister said that after reduction in petroleum products'
prices since August 1, 2014, the government has given Rs 400 billion
benefit to the people.
      The benefit, he said, had not only been given to motorists but
those cultivating their lands through tubewells, transporters,industrialists
and the common man was also reaping its benefits.
      The Prime Minister said the provincial governments should take steps
to pass on its benefit to the masses.
      He said during the last four months (August 1,2014 to January 1,2015)
prices of petroleum products had been reduced drastically, adding that
during this period price of petrol has been reduced by 29.69 rupees per
litre, Kerosene oil 25.13 rupees per litre,High Speed Diesel 23.11 rupees
Light Speed Diesel 25.77 rupees and High Octane (HOBC) 42.50 rupees.
      The Prime Minister said that the government has a revenue loss of Rs.
68 billion due to these steps and by reducing its loss to some extent
the government has increased levy on petroleum products by five percent
which would recover Rs 17 billion.
      The Prime Minister said that the government wanted to pass on the
benefits to the masses and come up to their expectations. He said that no sales tax had been imposed on furnace oil and its price had been reduced from Rs 79229 per ton to Rs 43015 per ton since September 1, 2014 to January 1, 2015.
      Prime Minister Nawaz Sharif recalled that in start of December he
had announced reduction of 2.32 rupees per unit in prices of electricity
but the announcement was differed due to Peshawar school tragedy.
      The Prime Minister said that government has initiated various projects
to cope with the issue of shortage of gas and electricity, adding that he
never said that the issue of electricity would be resolved in six months.
      He, however, assured that the issue of gas and electricity would be
resolved during his tenure, which would be a great victory of Pakistan.
      To a question, the Prime Minister admitted that benefit of reduction
in prices of petroleum products was not passed on to the people in shape
of reduction in fares. He said he had specially directed the province to
pass on its benefit to the people but it was not fully materialized which
was injustice with the public.
      The government, he said was in dire need of revenue for ongoing
operation zarb-e-Azab, rehabilitation of IDPs, compensation to flood affected people, rice growers and developmental projects but despite that relief was being given to the masses.