ISLAMABAD: Prime Minister Shehbaz Sharif on Monday emphasized the government’s commitment to ensuring that the recent decline in international oil prices directly benefits both the national economy and the general public. Chairing a high-level meeting on maritime sector reforms, the premier announced a multi-pronged strategy, including the formation of a dedicated task force, to introduce long-term structural changes.
The Prime Minister said the government was actively working on a mechanism that would stabilize energy prices and reduce the burden on consumers. “The drop in global oil prices is a significant opportunity, and we are determined to pass on this relief to the people,” he said. He noted that such measures would not only lower inflation but also support economic growth across all sectors.
In a major development, the Prime Minister also announced a reduction in electricity tariffs by an average of Rs7.50 per unit. He called this a "significant relief" for both domestic and industrial users, noting that lower power costs would reduce production expenses and boost competitiveness in the industrial sector.
This announcement follows an earlier decision to cut electricity prices by Rs7.41 per unit for domestic consumers, underscoring the government’s push to provide substantial relief amid inflationary pressures. PM Shehbaz said further reforms were being implemented to bring down power tariffs even more in the coming months.
“The reduction in electricity rates will have a multiplier effect, benefiting households and businesses alike. It will help lower the cost of living and improve the ease of doing business,” he remarked. He added that this step is aligned with the government’s broader economic vision focused on growth, investment, and job creation.
Discussing reforms in the maritime sector, PM Shehbaz announced the establishment of a task force to restructure and modernize operations. The goal is to enhance efficiency, transparency, and revenue generation in the sector, which he described as vital to Pakistan’s trade and economic connectivity.
He expressed satisfaction over achieving macroeconomic stability, crediting the government’s consistent efforts over recent months. “We have made difficult decisions to stabilize the economy, and we are now beginning to see the positive outcomes,” he said.
PM Shehbaz reiterated his administration’s commitment to ensuring that the benefits of economic stability and policy reforms reach the common man and the national industry. “Our focus remains on delivering relief, driving reforms, and building a strong foundation for sustained growth,” he concluded.
