The Prime Minister (PM) Muhammad Shahbaz Sharif has asked the petroleum department as well as other ministries that are relevant to prepare an analysis of the possibility of a reduction in the price of fuel due to a worldwide decrease in the cost of oil.
The Brent Crude Futures closing below $100 for the first time since April 11 it’s the perfect time for the Pakistan government to lower prices for fuel, too.
At a conference that took place on the Tuesday of this week, the Premier stated that the government is seeking to pass the reduction in the price of petroleum oil, lubricants, and other oil lubricants (POL) onto the public at large. He directed the ministries of petroleum and finance divisions to prepare a price reduction overview in a hurry.
He added that the government should lower POL prices in line with the international market’s reduction. In the interim, government officials will keep up efforts to reduce inflation, which has afflicted the majority of people “due to the previous government’s incompetence,” he stated.
Senior officials of The Oil and Gas Regulatory Authority (OGRA) Petroleum Division and finance ministry and other departments relevant to them attended the meeting. The deadline for summary submission is not yet known. However, with the biweekly review time approaching the government is likely to take a decision within the next few days regarding this matter.
The cost of petroleum-based products could fall further by around the amount of Rs. 20-25 per liter as of July 15 in the wake of the global price fluctuations.
Sources have informed ProPakistani that the cost of gasoline is likely to fall by the amount of Rs. 8-10 per liter and diesel by the equivalent of Rs. 20-25 per liter. The government in power may reduce the cost for Kerosene oil by about Rs. 21 per liter, and Light Diesel at Rs. 11 per liter. After being finalized the new rates are anticipated to take effect within two days. Also Read