Shehbaz Sharif, The Prime Minister Has Approved An Rs 7 billion Assistance Package For The Poor And Underprivileged
PM Shehbaz Sharif has extended the Ramazan Package, which means that the cost of essential needs will remain unchanged till June 30.
In response to the poor’s economic problems, Prime Minister Shehbaz Sharif has authorized a two-month extension of the assistance package.
The package, which includes basic essentials, is anticipated to cost Rs7 billion. This bundle will give atta, sugar, rice, legumes, and other things at reduced prices.
In light of the economic difficulty, the Prime Minister has approved a large aid package for the poor. The price of atta has been reduced from Rs 950/20 kg to Rs 800/20kg, despite the fact that the market price is more than Rs1,250/20kg. Sugar prices have also been cut by the USC from Rs 85/kg to Rs 70/kg.
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The government also provides an Rs100/kg subsidy on ghee. Rice and beans are also available at a market discount of Rs15/20/kg. It is vital to note that this is a historic relief package that is more than 50% more than what the previous administration delivered.
Israr Khan adds: “Despite income losses owing to increased oil prices in the international market, The administration said on Tuesday that domestic fuel pricing will remain unchanged from June 1 through June 15, 2022.
According to a Finance Division release, “the Prime Minister of Pakistan has decided that the present pricing of petroleum goods as notified on 27th May 2022 would stay unaltered, notwithstanding income losses owing to increased petroleum prices internationally.”
Previously, on May 26, the government raised the price of petroleum goods by Rs30 per liter in order to secure a staff-level agreement with the International Monetary Fund (IMF). The Fund is continually urging the government to eliminate subsidies on petroleum goods and electricity in order to reduce the fiscal deficit, which is one of the foreign lender’s primary worries about Pakistan’s economy.
Ex-depot gasoline prices have risen by Rs30 per liter to Rs179.86 per liter, High-Speed-Diesel to Rs174.15 per liter, and Light Diesel Oil (LDO) to Rs148.31 per liter, and Kerosene to Rs155.56 per liter.
It should be emphasized that, despite the previous Rs30 per liter hike, the government continues to subsidize POL prices to consumers by paying multi-billion rupees, since the government purchases oil at a high price from the international market and sells it to local customers at a low price.
On Tuesday, the Global Benchmark Brent price was $116.38/barrel. Previously, on March 7, it reached US$139.13 per barrel. The all-time high was $147.50 in July 2008.
According to a senior government official, the administration may raise POL prices again in the next two weeks to eliminate or reduce the subsidy, in response to the IMF’s demand.
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