ISLAMABAD: Prime Minister Shehbaz Sharif, in a meeting on Monday, emphasized the government's efforts to capitalize on the recent decline in international oil prices, ensuring that it benefits both the economy and the general public.

He announced that the government is working on a long-term mechanism that will not only provide relief but also stabilize the country's economy in the face of global fluctuations in oil prices. While chairing a meeting on maritime sector reforms, the Prime Minister highlighted the importance of leveraging the recent drop in oil prices to ease the financial burden on citizens and businesses. He mentioned that efforts are underway to reform Pakistan's maritime sector, with the creation of a dedicated task force aimed at restructuring and improving the sector's operations.

This move is expected to improve efficiency in port and shipping operations, contributing to overall economic growth. In addition to addressing the oil prices, PM Shehbaz also shared significant developments in the energy sector. He revealed that the government had reduced electricity tariffs by an average of Rs7.50 per unit.

The reduction, he said, would provide significant relief to both domestic and industrial consumers, ultimately reducing the production costs for industries and benefiting the economy at large. The Prime Minister also announced that further reforms are underway, with additional reductions in electricity tariffs being planned. These cuts, according to Shehbaz, are aimed at further reducing the financial pressure on industries and households. Shehbaz pointed out that these initiatives are part of the government's broader strategy to bring down production costs, stimulate economic growth, and make Pakistani industries more competitive. By easing energy costs, he argued, Pakistan would be better positioned to strengthen its industrial base and increase exports. Moreover, the reduced cost of electricity would directly benefit consumers by lowering household utility bills, providing relief to millions of families. The Prime Minister also praised the government's efforts in achieving macroeconomic stability, acknowledging that substantial work had been done to stabilize the economy despite the global challenges.

He reiterated his commitment to ensuring that the benefits of these economic reforms reach the common man and local industries. Shehbaz stressed that a key priority of his government is to maintain financial relief while ensuring sustainable economic growth. The commitment to providing relief through lower energy prices, he explained, is part of a broader vision to foster an environment conducive to industrial development, job creation, and improved quality of life for all Pakistanis. Furthermore, the Prime Minister expressed satisfaction over Pakistan's ability to adapt to global economic challenges. Despite external factors such as the fluctuating prices of oil and energy, Pakistan has worked hard to stabilize its macroeconomic environment and mitigate any negative effects. PM Shehbaz reaffirmed that his government is fully committed to ensuring economic stability and growth, focusing on policies that promote long-term sustainable development for the country. The meeting on maritime reforms also included discussions on improving Pakistan's position in global trade.

With the restructuring of the maritime sector and the ongoing economic reforms, the government aims to position Pakistan as a key player in regional and international trade.