Pakistan reduces petrol, diesel prices by Rs15

Pakistan further cuts policy rate by 150 basis points to 11pc

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Pakistan currency new

Web Report

Prime Minister Imran Khan on Tuesday announced that petrol and diesel prices will be reduced Rs15 during a media briefing to senior journalists.

“Petrol, diesel, kerosene and light diesel will all be reduced by Rs15 per litre,” he said.

In another good announcement, Pakistan has cut its benchmark policy rate by 150 basis points to 11 per cent, a week after lowering the cost of borrowing by 75 bps, central bank said.

State Bank of Pakistan announced the second cut in a week saying: “Monetary Policy Committee (MPC) has decided to cut the policy rate by a further 150 basis points to 11 per cent.

“It noted considerable uncertainty about how the Coronavirus outbreak would impact the global economy and Pakistan.”

Govt will use reservoir to ensure supply of wheat; price of pulses will be reduced by Rs30-40
Minister for National Food Security and Research Khusro Bakhtiar has said that the federal and provincial governments will receive reserve stocks within six weeks which would be used to ensure that there is no disturbance in the supply of wheat throughout the country.

Addressing concerns about food shortage, he said that Pakistan has an adequate amount of pulses for the next two months and prices would be reduced by Rs30-40 in April.

The minister further said that the government has banned the export of onions to ensure there would be no shortage in the country and might consider banning export of potatoes.

Referring to poultry, he said that a problem could arise regarding feeds for poultry but the government has taken steps to help in a package it announced for industries.

Bakhtiar said that the government would be one step ahead of hoarders and would enlist the help of the National Logistics Cell so that food supplies could be distributed wherever needed.