PM Shahbaz Sharif chairs meeting on petrol prices

ISLAMABAD: In a bid to control the prices of petroleum products and provide maximum relief to the masses, newly elected Prime Minister Shahbaz Sharif on Wednesday presided over an emergency meeting regarding the energy sector, said sources.

Former prime minister Shahid Khaqan Abbasi, ex-finance minister Miftah Ismail, Oil and Gas Regulatory Authority (OGRA) chairman and secretaries of the finance and petroleum division were among the attendees of the meeting.

The meeting discussed various measures to control the skyrocketing prices of petrol in the country. The participants of the huddle were briefed on the existing formula relating to fuel prices in the country. It was discussed in the meeting how the government can continue subsidies on petroleum products.

The participants also discussed steps to overcome electricity load shedding amid ongoing sweltering weather conditions in the country.  

Talking about subsidy on petroleum products, ex-finance minister Miftah Ismail told Geo News Tuesday that the government was currently bearing a loss of Rs40 per litre.

 PM Shehbaz seeks proposals from economic experts

A day earlier, PM Shehbaz Sharif in a meeting with economic experts issued directives for formulating financial proposals on an emergency basis to address the current economic situation in the country.

The PM Office, in a statement, had said the directives came during the newly elected prime minister's meeting with his economic team as he seeks to steer the country out of the financial crisis.

The proposals will be devised in line with the consultation with stakeholders in areas including agriculture, trade, investment, and banking, the statement had said.

A meeting will be held in the next few days to discuss the suggestions of the economic experts.

In view of the challenging economic situation, he had directed the setting of medium and long-term fiscal policies and also stressed the presentation of comprehensive policy options to overcome inflation.

PM Shehbaz had emphasised a reduction in prices of daily-use commodities and essential items, particularly during the month of Ramazan. He also stressed the need for maintaining a balance between the national and public interests.