PM Shahbaz Sharif,prices of petroleum products was held under

A meeting on prices of petroleum products was held under the chairmanship of Prime Minister Shahbaz Sharif

ISLAMABAD: Newly elected Prime Minister Shahbaz Sharif on Wednesday chaired an emergency meeting on energy sector to control the prices of petroleum products and provide maximum relief to the people.

The meeting was also attended by former Prime Minister Shahid Khaqan Abbasi, former Finance Minister Muftah Ismail, Chairman Oil and Gas Regulatory Authority (OGRA) and Secretaries of Finance and Petroleum Division.

The meeting considered various measures to control skyrocketing petrol prices in the country. Huddle participants were briefed on the current formula for fuel prices in the country. The meeting discussed how the government could continue to subsidize petroleum products.

Participants also discussed measures to overcome power outages amid ongoing bad weather conditions in the country.

Talking about subsidies on petroleum products, former finance minister Muftah Ismail told Geo News on Tuesday that the government was currently incurring a loss of Rs 40 per liter.

Prime Minister Shahbaz Sharif sought suggestions from economists.

A day earlier, Prime Minister Shahbaz Sharif in a meeting with economists had issued instructions to formulate financial proposals on an emergency basis to deal with the current economic situation in the country.

The PM's office said in a statement that the directives came during a meeting of the newly elected prime minister with his economic team as they wanted to take the country out of the financial crisis.

The statement said the proposals would be formulated in consultation with stakeholders in the fields of agriculture, trade, investment and banking.

A meeting will be held in the next few days to consider the suggestions of economists.

In view of the difficult economic situation, he directed the formulation of medium and long term fiscal policies and called for comprehensive policy options to control inflation.

Prime Minister Shahbaz had called for reduction in prices of daily necessities and essentials, especially during the month of Ramadan. He also stressed the need to maintain a balance between national and public interests.

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