ISLAMABAD: In order to provide relief to the masses, Pakistan Tehreek-e-Insaf (PTI) government has slashed prices of petroleum products from April 1.
Newly appointed Finance Minister Hammad Azhar made the announcement while talking to media persons after his first meeting of Economic Coordination Committee (ECC) as Finance Minister.
The minister announced reduction of Rs3 in price of diesel and Rs1.5 in price of petrol.
“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 finance minister said that demand for cotton has risen sharply in Pakistan but the country failed to produce high quality cotton last year hence on the recommendation of Ministry of Commerce, government has decided to allow import of the commodity 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.
