ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday announced slashing petrol and diesel price by Rs18.50 and 40.54 per liter, respectively to provide relief to the people.

In his address to the nation, he said that as the oil prices had declined in the international market, the government had reduced the price of petrol. The prime minister said he inherited a troubled economy from the previous government and added that the PTI government had cut fuel prices during its final few weeks to add to public woes and the coalition government’s worries. The government had to increase petrol prices after the takeover.

“With a heavy heart, and due to rising oil prices in international markets, we increased prices, leaving the underprivileged burdened. “We had no other way. We had to take tough measures.”

Remarking on the staff-level agreement with the IMF, PM Shehbaz appreciated Finance Minister Miftah Ismail and his team for his part in reviving the loan facility with the global lender but hoped that the current deal would be the last one. “After this, we will try to stand on our own feet.”

The prime minister said that the path ahead could be “thorny and difficult” but in the end, he said, “I reassure you that good times will come soon.”

Shehbaz Sharif assured that benefit of any further decline in global oil price will also be passed to the public. Oil prices are now plummeting in international markets and we have got the chance to relief the distressed Pakistanis, he said, adding that the benefit of any further decline in international oil price will also be passed to the public, he added.

It may be noted that Prime Minister on Tuesday summoned a summary from the Ministries of Finance and Petroleum for a reduction in the price of petroleum products after the oil price decreased in the international market.