By Syed Raza Hassan
KARACHI, Pakistan (Reuters) -Pakistan on Thursday night announced a decrease in fuel prices to pass on a decline in global prices to inflation-hit consumers.
Pakistan is experiencing 13-year-high inflation, reaching 21.3% last month.
“Today fuel prices in international prices are coming down. We are passing on the benefit to the common man,” Prime Minister Shehbaz Sharif said in a televised address late Thursday night.
“We raised prices due to rising international prices and the common man suffered due to it. We had no option and had to take unpopular decisions,” Sharif added.
The government about a fortnight ago raised the levies on petrol and diesel sales to fulfill conditions set by the International Monetary Fund for the resumption of a bailout package.
The IMF on Thursday reached a staff-level agreement with Pakistan that would pave the way for disbursement of $1.17 billion, if approved by the IMF board, and was considering adding funds to the program.
“The previous government did not honor the agreement it reached with the IMF. While on its way out the previous government froze the fuel prices, which made matters worse,” the prime minister said.
(Reporting by Syed Raza Hassan; Editing by Jonathan Oatis, Alexandra Hudson and Leslie Adler)
