Rs378 | Pakistan

• Shehbaz declares all cabinet members will forgo salaries for six months • New price effective from today • In late-night televised address, premier outlines reasons behind Thursday’s steep hike • Sindh, Punjab roll out targeted relief ISLAMABAD: Just a day after an unprecedented surge in petroleum prices, Prime Minister Shehbaz Sharif on Friday announced a major relief measure, slashing the petroleum levy by Rs80 per litre and bringing the price of petrol down to Rs378 per litre. In a late-night address to the nation, the prime minister also declared that all federal cabinet members would forgo their salaries for the next six months as part of austerity measures. His seven-minute televised address came after the unprecedented increase in petroleum prices sparked outrage from across the country. Explaining the earlier sharp increase in fuel prices amid the ongoing US-Israel war on Iran, the PM expressed hope that prices would return to pre-war levels once the conflict subsides. “The price of petrol had risen...

Prime Minister Shehbaz Sharif announced on Friday that the government was reducing the petrol levy by Rs80 per litre, after which the commodity would be available to the end consumer for Rs378 per litre. He said the new price would take effect at 12am on Saturday. The premier said this in a televised address to the nation a day after the government announced an unprecedented increase of 43 per cent and 55pc in the prices of petrol and high-speed diesel (HSD), respectively. Petroleum levy rates were adjusted to limit the increase in diesel prices — which stand at RsRs520.35 — and its impact on transportation and freight costs. The levy on petrol was increased to Rs160 per litre from Rs105, while it was reduced to zero on diesel from Rs55, sources had told Dawn. Consequently, the petrol price had increased to Rs458 per litre. The premier said after the reduction in levy, the petrol price would now reduce to Rs378 per litre and would remain unchanged for at least one month. The new price would be effective acros...

In a move aimed at providing relief to the public amid the ongoing Middle East crisis, Prime Minister Shehbaz Sharif announced on Friday that the petrol price will be reduced to Rs378 per litre for the next month, accompanied by a cut of Rs80 per litre in the petroleum levy.