Petroleum Prices: PM Demands a Summary to Reduce Fuel Prices
Govt to reduce petroleum prices by rupees 8 to 21/ litre source:

Prime Minister Shehbaz Sharif has asked the Petroleum Division and other relevant ministries to submit a summary indicating a fuel price reduction following the global oil price reduction. With Brent Crude Futures closing below $100 for the first time since April 11, it is the right time for the Pakistani government to cut fuel prices as well.

Fuel price reduction summary:

During Tuesday’s meeting, the Prime Minister stated that the government is committed to delivering global reductions in oil, petroleum, and lubricants (POL) to the general public. Furthermore he said the government must reduce the prices of POL according to the reduction in the international market. He directed the Finance Ministries and the Petroleum Division to propose a summary of fuel price cuts urgently.

International market reduction:

The caretaker government will continue its efforts to curb the inflation that has hit the masses “due to the incompetence of the previous government. Moreover, senior officials of the Petroleum and Natural Gas Regulatory Authority (OGRA), Petroleum Division, Ministry of Finance, and other relevant departments attended that meeting. The summary submission date is currently unknown. As the two-week review date approaches, the government is likely to issue a decision in this regard soon.

Expected Decrease:

Prices of petrol products are likely to fall further by as much as Rs. 20-25 per liter on July 15 following global price movements.

Read More: Govt is likely to increase Petroleum and Oil Products Prices.

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