Petrol Price in Pakistan

PM Announces Relief in Petrol and Electricity Prices

Prime Minister Imran Khan announced an Rs. 10 per liter decrease in the price of petrol and diesel.

Announcement of such reduction in petrol prices was made during his speech to the nation about the country’s economic and challenges in the event of Russia’s invasion of Ukraine.

No Increase in Prices until the next budget

He told that there would be no price increase in petrol or electricity until the next budget.

Tweet of price reduction was done by the Pakistan Tehrik-e-Insaf’s official twitter account. It said, “Prime Minister Imran Khan, during his address to the nation, announces to reduce petroleum prices by Rs. 10/ liter with immediate effect, and not to pass on the impact of global petrol hike to the consumer for next four months”.

The Prime Minister Imran Khan said, ” I received a summary from the Oil and Gas Regulatory Authority (Ogra) and they recommended increasing the prices of petrol and diesel by Rs10 due to the rise in the price in global markets. So today I want to tell everyone the good news that, instead of increasing it, we will decrease the petrol prices by Rs.10″.

It is important to mention here that the Oil and Gas Regulatory Authority (OGRA) had forwarded a summary to increase the prices of petrol by Rs. 9.59 per liter for the next fortnight that starts on 1 March amid the increase in international prices after Russia’s invasion of Ukraine.

Other Incentives announced by PM Imran Khan

“We’ve also decided to slash the cost of power by Rs. 5 per unit. This translates to a 20-25 percent reduction in your electricity bills.” PM Imran Khan announced.

The PM told that the cash relief given to Pakistani citizens under the Ehsaas scheme had increased from Rs. 12,000 to Rs. 14,000.

Graduates would also be granted internships and paid Rs. 30,000, he added, without going into extra details.

He confirmed that the IT sector, which includes businesses and freelancers, has been spared from paying taxes, and will be allowed to transfer money without any restrictions. The Prime Minister clarified that IT startups are no longer subject to capital gains tax.

“100% foreign exchange exemption. 100% exemption from capital gain tax for investments in start-ups.”

The Kamyab Jawan initiative would provide interest-free loans to the country’s youth and farmers, as well as subsidized loans to needy individuals to build homes. “A total of Rs. 407 billion in loans would be issued over the next two years,” said the PM.

The Prime Minister expressed happiness that banks have been persuaded to extend loans to low income earners, noting that loans of Rs. 150 billion have been authorized so far.

PM Said that He had notified all chief ministers that health insurance was a huge help to low-income families. He added that under the Qaumi Sehat Card, a cover of Rs. 1 million will be provided to all citizens by the end of March 2022 (except Sindh).

Regarding Business units, the PM indicated that anyone who wants to start a business or invest in Pakistan will not be “asked any questions.”

He said that a complete package for this area would be announced later, and overseas Pakistanis who invest in the local industry or form joint ventures will be given a substantial five-year tax break.

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