According to sources, newly elected Prime Minister Shahbaz Sharif presided over an emergency meeting on Wednesday regarding the energy sector in order to control the prices of petroleum products and provide maximum relief to the masses.
The meeting was attended by former Prime Minister Shahid Khaqan Abbasi, former Finance Minister Miftah Ismail, the chairman of the Oil and Gas Regulatory Authority (OGRA), and the finance and petroleum division secretaries.
Various measures to control the country’s skyrocketing petrol prices were discussed at the meeting. The participants in the huddle were given an overview of the country’s current fuel pricing structure. The meeting discussed how the government can continue to subsidise petroleum products.
In the midst of the country’s continued torrid weather conditions, the attendees also addressed ways to avoid electricity load shedding.
Ex-finance minister Miftah Ismail told Geo News on Tuesday that the government is currently losing Rs40 per litre due to subsidy on petroleum goods.
PM Shehbaz is seeking recommendations from economic experts.
PM Shehbaz Sharif had issued directions to formulate financial solutions on an emergency basis to handle the country’s present economic condition a day earlier in a meeting with economic experts.
The directives came during the newly elected prime minister’s meeting with his economic team, according to the PM Office, as he seeks to steer the country out of the financial crisis.
The proposals will be developed after consultation with stakeholders in agriculture, trade, investment, and banking, according to the statement.
In the coming days, a meeting will be held to discuss the economic experts’ recommendations.
He had directed the setting of medium and long-term fiscal policies in light of the difficult economic situation, and he had also emphasised the presentation of comprehensive policy options to combat inflation.
PM Shehbaz had emphasised a price decrease in daily-use staples and necessary necessities, especially during Ramazan. He also emphasised the importance of achieving a balance between national and public interests.