In a significant move aimed at providing economic relief to the public, Prime Minister Shehbaz Sharif announced that the benefits of declining global oil prices will be directly transferred to the people. During a high-level meeting, the premier emphasized that efforts are being made to ensure that the reduction in fuel costs reaches consumers effectively. Referring to recent cuts in electricity prices by Rs. 7.50 per unit, he stated that further reductions are being considered as part of ongoing reforms in the energy sector. A dedicated task force has been established to bring sustainable reforms in energy and maritime sectors. Shehbaz Sharif highlighted the immense potential of Pakistan’s maritime economy, noting that unlocking it could end the current stagnation. He stressed the importance of reviewing port tariffs to boost competitiveness and directed authorities to expedite the auction of long-standing containers at ports and accelerate the installation of modern scanning systems.
Prime Minister Shehbaz Sharif has initiated a series of strategic measures aimed at bolstering Pakistan’s economy and providing direct relief to its citizens. A key component of this initiative is the decision to maintain current petroleum product prices, despite recommendations for reductions based on declining international oil prices. This approach is designed to allocate the potential savings from lower fuel costs towards significantly reducing electricity tariffs, thereby extending the benefits more broadly across the population.
In tandem with energy sector adjustments, the Prime Minister has sanctioned a comprehensive reforms plan to rejuvenate Pakistan’s maritime industry. This plan includes the establishment of the Pakistan Maritime and Seaport Authority, overseen by a committee led by the Defence Minister, which will convene bi-weekly to monitor progress. Key initiatives encompass restructuring the Pakistan National Shipping Corporation, modernizing the National Ports Master Plan, standardizing port tariffs, digitizing seaport operations, enhancing aquaculture, and developing new terminals at various ports. These reforms aim to address the annual losses of approximately five trillion rupees attributed to underutilized port capacities, tax evasion, and fraudulent billing, with the goal of positioning Pakistan as a competitive player in global trade.
These coordinated efforts reflect the government’s commitment to implementing sustainable economic reforms that provide immediate relief to citizens while fostering long-term growth and development across critical sectors.