ISLAMABAD (Kashmir English): Prime Minister Shehbaz Sharif on Tuesday announced that diesel and petrol prices in Pakistan will remain unchanged for the next fortnight despite a decline in global oil prices.
Addressing a federal cabinet meeting in Islamabad, the premier said that the government would allocate the savings to upgrade infrastructure and development projects in Balochistan.
“The government decided not to pass on the benefit of lower fuel prices in the international market to people. Savings from petroleum prices will be used to heal the nation’s wounds,” a statement issued by the Prime Minister’s Office said.
The premier added that the funds saved would be used to dualize the strategic N-25 Highway in Balochsia, which links the Chaman, Quetta, Kalat, Khuzdar, and Karachi.
“The initiative is aimed to provide better travel facilities to the people of Balochistan,” the statement read.
The prime minister directed that the restoration and expansion of the highway should be carried out as per motorway standards.
In addition, a portion of the funds will be allocated to complete Phase 2 of the Kachhi Canal, which is expected to irrigate hundreds of acres of agricultural land in Balochistan.
Furthermore, the federal cabinet approved the amendment to the Petroleum Products (Petroleum Levy) Ordinance 1961, as recommended by the Petroleum Division.
This amendment will increase national revenues, the statement added.
The federal cabinet, on the recommendation of the Ministry of Finance, also approved the Sustainable Investment Sukuk Framework for the issuance of domestic securities by the government.
This framework will help issue Sukuk for domestic sustainable investment, under which projects related to sustainable environment and renewable energy can be funded.
“This framework will prove to be an important milestone in the implementation of the Sustainable Development Goals, Nationally Determined Contributions 2021 and the National Adaptation Plan 2023,” the PMO statement read.
In addition to that, the cabinet also gave the green light to the Ministry of National Food Security and Reserach to present the bill to Parliment regarding National Agri-Trade and Food Safety Authority.
