ISLAMABAD:Prime Minister Muhammad Shehbaz Sharif has directed to transfer the impacts of the reduction in petrol and diesel prices to the masses immediately.

Presiding over the Federal Cabinet meeting held here in Islamabad on Friday, he further directed the Interior Ministry and the districts administration across the country to ensure reduction in the prices of other commodities as well and to take stern action against the profiteers.

The Federal Cabinet endorsed the decisions taken in the National Security Committee meeting held on Tuesday last. The Cabinet approved the establishment of Insurance Tribunal in Rawalpindi. Under the approval, no additional expenses will be incurred on this new tribunal and the existing Accountability Court number 4 will be converted into the Insurance Tribunal.

The Prime Minister briefing the Cabinet about the details of his yesterday’s (Thursday) visit to the Pak-Iran border said that due to the personal interest of the Iranian President and his personal supervision, the project of importing 100 megawatts of cheap electricity from Iran was completed in a very short period of time, which was pending for a long time.

He said with this project, electricity supply has been ensured in South Balochistan, especially Gwadar. The Prime Minister said this project will usher in a new era of development and prosperity in the backward areas of Balochistan.

Shehbaz Sharif said Mand-Pishin Border Market was also inaugurated which will provide business and employment opportunities to the residents on both sides of Pak-Iran border and a new era of development will begin.

He said the Iranian President also expressed keen interest in the bilateral promotion of Pakistan-Iran trade, while fruitful discussion was also held on cooperation in the fields of agriculture, science and technology and solar energy.

The Prime Minister said that a high level delegation headed by Foreign Minister will visit Iran to have progress on these issues.

He informed the Cabinet that both Pakistan and Iran agreed to further strengthen border security mechanism along the Pakistan-Iran frontier to make it a symbol of peace, brotherhood, development and prosperity.

The Prime Minister also briefed the Cabinet members on the details of the agreement on “Route to Makkah” signed with Saudi Arabia on last Tuesday, which will benefit a large number of Pakistani pilgrims.

The Prime Minister expressed the hope that with the support of the Saudi government, this facility will also be provided to the intending pilgrims at Lahore and Karachi airports from next year.