Islamabad: In order to reduce the burden on the people, the Tehreek-e-Insaf (PTI) government of Pakistan has substantially reduced the prices of petroleum products from April 1.
The new Minister of Finance Hamad Azhar made the announcement when he was talking to the media after the first meeting of the Economic Coordinating Committee (ECC) as Minister of Economy.
The Minister announced the reduction of diesel prices by 3 rupees and gasoline prices by 1.5 rupees.
“We took this decision because now, we have some room due to change in prices at the international market,” he said.
Informing the media about decision to allow import of sugar and cotton from India, Hammad Azhar said that government had allowed import of sugar from other countries but the price of the commodity in other countries was also high.
“However, in our neighboring country India, the price of sugar is quite cheap,” he said. “Hence, we have decided to resume sugar trade with India”.
The Minister of Finance said that Pakistan’s demand for cotton has increased sharply, but the country failed to produce high-quality cotton last year. Therefore, based on the recommendations of the Ministry of Commerce, the government decided to allow imports from India.
Hammad Azhar said that Pakistan Tehreek-e-Insaf (PTI) government has stabilized the local currency which is now standing on its own feet and we are not adding dollars to it.
Talking about latest tranche from International Monetary Fund (IMF) of $500 million, he said that the amount would be a “healthy addition” to the country’s reserves.