The federal government announced on Tuesday that fuel prices will remain steady for the next two weeks, with the savings generated being earmarked for a significant upgrade of the country’s infrastructure.
Presiding over a federal cabinet meeting in Islamabad today, Prime Minister Shehbaz Sharif stated, “The government has decided against passing on the advantage of lower international fuel prices to the public. The funds saved from petroleum prices will be channeled towards healing the nation’s wounds.”
The Prime Minister elaborated that these funds would be specifically used to dualize Balochistan’s most crucial highway, the N-25, which serves as a vital link between Chaman, Quetta, Kallat, Khuzdar, and Karachi.
He clarified that while it will be a dual carriageway, the renovation will adhere to motorway standards, ensuring a high-quality infrastructure upgrade.
Following the federal cabinet’s decision, the price of petrol will hold at Rs 254.63 per liter, and high-speed diesel will maintain its price at Rs 258.64 per liter.
Speaking on the occasion, he further announced that the federal government will also undertake the construction of the M-6 and M-9 motorways, connecting Sukkur to Hyderabad and Hyderabad to Karachi, respectively.
The Prime Minister added that the financial resources the national treasury has saved due to the decrease in global petroleum prices will also be allocated to these motorway projects.
Furthermore, the Prime Minister highlighted that the same savings from petroleum prices will be utilized to complete the second phase of the Kachhi Canal project, a crucial initiative that will bring irrigation to hundreds of thousands of acres of land in Balochistan province.
The Prime Minister emphasized that this project will be instrumental in fostering prosperity not only across Balochistan but throughout the entire nation of Pakistan.
He likened Pakistan’s four provinces to four brothers, underscoring the commitment to share resources equitably and fairly among them.
The Prime Minister stressed that the progress and well-being of Pakistan are intrinsically linked to the progress and well-being of Balochistan.
In a related development, the federal cabinet also approved an amendment to the Petroleum Products (Petroleum Levy) Ordinance 1961. This amendment is expected to boost national revenues.
Additionally, the cabinet granted its approval to the Sustainable Investment Sukuk Framework, which will enable the government to issue domestic securities. This framework will facilitate the issuance of Sukuk for local sustainable projects.
