ISLAMABAD: The government has announced a reduction in the price of petrol by Rs 1.5 per liter and diesel by Rs 3 per liter. During a press conference in Islamabad, Federal Minister Finance Hamad Azhar said that the country’s development is conditional on recovering the economy, Asad Umar and Hafeez Sheikh stabilized the country’s economy, the current government has faced the largest current account deficit in the country’s history.
He added that the government has to make tough decisions for the country in view of a given situation. “The basis of our decisions will be the interest of the country and its people, he maintained.”
“The price of the commodity in India is lower than what it is in Pakistan and this is the reason behind the decision,” Azhar explained. Regarding the import of cotton, the minister said, “The import of cotton from India for small industries will take place until the month of June.” “In comparison, there’s a Rs15 to Rs20 difference in the price of sugar in the two countries.”
The currency maintained its uptrend and strengthened to a fresh 22-month high at Rs153.09 against the US dollar in the inter-bank market as the country began the process to raise $2.5 billion by selling 5 to 30-year Eurobonds in world markets. “We have made the State Bank autonomous and our decisions are based on the interest of masses.”