ISLAMABAD: Despite the rise in oil prices across the world, the Ministry of Finance has announced a major relief measure for the people of Pakistan, which would protect them from the increase in oil prices. As part of efforts to reduce the effects of increasing oil prices, the government is now providing financial assistance to the people of Pakistan.
The Ministry of Finance announced that this measure is part of an effort to ensure that people are not forced to bear the brunt of increasing oil prices across the globe. As part of this effort, the Oil and Gas Regulatory Authority (OGRA) has been provided with the first instalment of Rs. 27 billion.
The amount is being provided from a special fund established under Prime Minister Shehbaz Sharif’s austerity regime, aimed at providing financial assistance to people of Pakistan. According to an official statement, the government is providing financial assistance to people of Pakistan so that they do not have to bear the brunt of increased oil prices. The government is paying the price difference for the people of Pakistan.
The Ministry of Finance further explained that this step was achieved through the reduction of government expenditure and the mobilization of resources efficiently. Other cost savings are also being considered to maintain fiscal discipline.
As indicated by the government, this move aims to continue offering relief to the public while at the same time ensuring that they are within the budgetary constraints. New initiatives are being considered in order to attain further cost savings, which will promote economic stability as well as convenience.
This move will help in reducing financial strain on the public as well as promote fiscal discipline in order to shield them from the negative impacts of rising prices.
