ISLAMABAD: Newly-appointed Finance and Revenue Minister Hammad Azhar on Wednesday said the government had decided to cut petrol price by Rs1.5 and diesel price by Rs3 a liter.

Addressing the press conference in Islamabad, Hammad Azhar also said that the government had decided to lift ban on import of sugar and cotton from India. The decision to import sugar from India was taken for it cost the government less than the locally produced sugar, he said.

“We have allowed the private sector to import sugar up to five lac metric tons from India,” he said.

While, he said, import of cotton would be opened from India for small industries until the end of June.

Hammad Azhar said that the government’s decisions were based on welfare of the people and Pakistan. Sometimes the government had to take strict decisions, he maintained.

The Finance Minister said the Economic Coordination Committee (ECC) at its meeting today fixed the wheat support price at 1800 rupees per forty kilogram. He said this decision will provide relief to the farmers.

He said the Pakistan Tehreek e Insaf government had issued bond worth $2.5 billion, which was a huge success. While, the ruling party also made the State Bank of Pakistan autonomous.

On Mar 30, PM Khan had assigned the additional portfolio of Finance and Revenue to Muhammad Hammad Azhar, the federal minister for industries and production.