The government raised on Thursday the price of petrol by Rs 6.51 per litre and that of high-speed diesel (HSD) by Rs 19.39.
Following the increase, the price of petrol stands at Rs 399.86 per litre and HSD’s at Rs 399.58.
The Petroleum Division’s press release notifying the increase said the new prices would be effective from May 1.
Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers and has a direct bearing on the budget of the middle and lower-middle class. High-speed diesel is mainly used in the heavy transport sector and for large generators.
Thursday’s price hike came as the Petroleum Division refuted reports claiming that petrol stations were to shut down in the country owing to a fuel shortage.
“There is no truth to reports of the closure of petrol pumps from May 1. The supply of petroleum products will continue uninterrupted,” the Petroleum Division posted on X.
It said, “Spreading panic among the people through fake propaganda should be avoided.”
The Petroleum Division pointed out that uninterrupted supply of petroleum products in the country had been ensured since the start of the war in the Middle East, adding that their availability would be ensured in the future as well.
Earlier in the day, Prime Minister Shehbaz Sharif on Thursday decided to continue relief measures for economically vulnerable segments in light of the current situation.
According to a statement issued by the PM House, the prime minister has decided to extend for another month the subsidy provided last month for motorcycle users, as well as public and goods transport.
He underlined that the government will continue to provide as much relief as possible under the current circumstances.
Providing relief to the common citizen will remain the government’s top priority, and the public will not be left alone under any circumstances, the prime minister said.
He also expressed optimism that the regional situation will improve soon so that petroleum product prices can stabilize.
Moreover, Shehbaz Sharif on Thursday launched a landmark five-year, Rs3.2 trillion housing programme, aimed at funding the construction of 500,000 homes nationwide, with a vision to provide affordable shelter for low-income citizens, lacking the financial means to build their own houses.
The prime minister, addressing the programme’s launch ceremony of Wazir-e-Azam Apna Ghar Program, said that besides enabling people to own a house, the initiative will also act as a powerful economic multiplier to boost significant industrial growth and create jobs for a diverse workforce, ranging from manual laborers to engineers.
“No programme is quite as dear to me as this, for it holds the promise of revitalizing our industrial and commercial sectors while paving the way for economic prosperity… This landmark program is the culmination of extensive deliberations and tireless effort, having successfully overcome a myriad of complex challenges,” the prime minister told the ceremony attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Housing and Works Minister Mian Riaz Hussain Pirzada, other federal ministers, banking professionals, representatives from the construction industry, and the beneficiaries of the program.
He described the “Apna Ghar” initiative as a sacred obligation of any government, intended to support the needy who have long been deprived of the security of homeownership.
Prime Minister Shehbaz, who earlier pushed the button to launch the initiative and distributed cheques of loans among the beneficiaries, sanctioned by different banks, said that the program was a reflection of Ashiana housing scheme he had launched while being Chief Minister of Punjab.
He told the gathering that the program was not confined to Islamabad as it would cater to the needs of all four provinces, Azad Jammu and Kashmir (AJK), and Gilgit-Baltistan (GB).
Explaining the contours of the program, he said that for the first year, the government has set a target to fund 50,000 houses for which an amount of Rs321 billion had been earmarked. Over the five years, the government would finance 500,000 housing units supported by an allocation of Rs3.2 trillion.
He said that the program featured a 20-year repayment timeline, with a 5% markup for the first ten years, after which the market rate would apply.
Under the scheme, loans of up to Rs10 million will be available on easy terms. The eligible applicants will be able to construct houses over a land measuring up to 10 marlas.