Task force established for maritime sector reforms
Prime Minister Shehbaz Sharif said on Monday that efforts are under way to further reduce electricity prices, prioritising relief in power tariffs over petrol despite a continued drop in global oil prices.
Speaking at a meeting in Islamabad regarding reforms in the maritime sector, he said that a task force has been established for maritime sector reforms, and it has worked diligently.
Shehbaz said the government aims to provide nationwide benefits through cheaper electricity and is committed to delivering additional cuts in the coming months.
“Efforts are ongoing to bring down electricity prices further.
As petroleum prices fall in the global market, we will once again focus on reducing electricity tariffs rather than petrol,” he said.
The prime minister stressed that a reduction in per unit electricity cost would positively impact all sectors of the economy.
“A cut in electricity prices will benefit the nation in every field.
We are striving for further reductions and hope to see even better results in the coming months,” he added.
PM Shehbaz further said that several initiatives have been introduced to uplift the maritime sector, which he described as key to national economic development.
“The incumbent government introduced number of reforms for uplift of Maritime Sector,” he stated, according to an official statement.
He praised the Maritime Task Force for its role in preparing policy recommendations, calling their efforts “hard work” and emphasising that access to maritime resources is essential for global development.
On the broader economic front, the prime minister said his administration is working sincerely to transfer the benefits of declining global oil prices to the Pakistani public.
He noted that a recent drop in electricity prices would provide “substantial relief to the people” and help boost economic activity.
“We have achieved macroeconomic stability and the decline in the power tariffs will lead the economy towards growth and competitiveness,” he added.
The Prime Minister also stated that electricity prices have been reduced by an average of Rs7.50, and Pakistan’s economy is becoming more stable.
He added that oil prices in the global market have dropped within the past 72 hours.
Deliberations are ongoing, and options will be presented soon.
Efforts will be made to ensure that the benefit reaches both the economy and the public.
Shehbaz Sharif stated that proposals are being reviewed to ensure long-term advantages from the international oil price reductions.
He stressed the importance of revitalizing the maritime economy, leveraging Pakistan’s extensive coastline and abundant resources.
