Government announced reduction in prices of fuel by Rs15 per litre due to Coronavirus outbreak

Government announced relief package due to Coronavirus outbreak included reducing prices of fuel petrol, diesel and kerosene by Rs15 per litre, providing Rs3,000 monthly stipend for daily wagers, and improving liquidity crunch for exporters and industrialists.

Government announced reduction in prices of fuel by Rs15 per litre due to Coronavirus outbreakPrime Minister Imran Khan unveiled a financial relief package worth around Rs1.2 trillion to protect against the negative impact of Coronavirus on the country.

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PM announced tax breaks on import of pulses, waived off duty on import of palm oil and reduced petroleum levy on petrol, oils and lubricants (POL) products in order to provide relief to consumers effected due to Coronavirus.

Federal Minister for Economic Affairs Hammad Azhar informed media about the exact financial impact of relief package announced by PM due to the Coronavirus outbreak that we have provided relief package to the tune of Rs1.2 trillion as it did not incorporate tax relief provided through abolishing/reducing taxes on pulses and palm oil.

He further said the reduction in fuel on POL products would cost the government Rs75 billion over the next three months. He also claimed that the electricity bill through three instalment payment and gas bill in instalments would have cost of Rs70 billion and Rs30 billion for power and gas companies as their cash receipts would face disruptions.

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He added that the PM made the first announcement for industries and exporters to the tune of Rs200 billion as he announced that the FBR was instructed to release Rs100 billion refunds on immediate basis. It will help improving liquidity crunch being faced by the exporters.

The PM also announced slashing prices of fuel products by Rs15 per litre including diesel, petrol and kerosene with immediate effect. The government estimated that it was going to face hit of Rs75 billion on its fuel over the next three months.

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Answering a query, Advisor to PM on Petroleum replied that the fuel prices would be further reduced if the existing trend of reduced prices persisted in international market.

The prime minister also announced that the electricity bill up to 300 units that consists of 75 per cent consumers will be able to pay their bills through instalments over next three months. The gas bill will also be allowed through three instalments over next three months.

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