KARACHI: In view of the falling oil prices in the international market, the government has decided to pass on the benefit of reduced prices of petroleum products to the consumers in Pakistan and is expected to cut down the rate of petrol by Rs10 and diesel by Rs25 per litre, sources in the Petroleum Division said.
A day earlier, Prime Minister Shahbaz Sharif sought a summary from the Ministries of Finance and Petroleum recommending a reduction in the price of petroleum products after the oil price decreased in the global market.
Taking to Twitter, PM Shahbaz said, “I have ordered Ministries of Petroleum & Finance to pass on the reduction in the prices of POL products in the international market to people. They have faced economic difficulties & the relief is their right. With Allah's grace, we will continue to bring ease in their lives, IA.”
The prices of petroleum products could not be reviewed ahead of July 16, the sources said, adding that the federal cabinet’s nod will be required to pass on the benefit of reduced oil prices in the global market to the consumers immediately.
If the government slashes the prices of petroleum products as mentioned above, the new prices of petrol and diesel would be Rs238.74 and 251.54 per litre respectively.
Following the latest hike in fuel prices on June 30, petrol is being sold at Rs248.74 per litre after the latest hike, high speed diesel at Rs276.54, kerosene oil at Rs230.26 and light diesel at Rs226.15.
Earlier today, Finance Minister MIftah Ismail said that the new petrol and diesel prices may be announced today.
Talking to a private TV channel, the finance minister said that the Petroleum Division's summary will be forwarded to Prime Minister Shahbaz Sharif immediately.
The government notifies the prices of petroleum products every fortnight, however, this time the decision is announced a couple of days earlier.
In a statement, Head of Prime Minister of Pakistan’s Strategic Reforms, Salman Sufi said that the relief measure will have no impact on the IMF program.
"It is strictly due to the petroleum prices reduction in International market. As the prices fall further internationally, prices shall reflect that in Pakistan."
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