Govt likely to announce prices of petroleum products today

The federal government is expected to announce new petroleum product prices today [Saturday] after Prime Minister Shehbaz Sharif returns to Pakistan from Uzbekistan.

Pakistan reviews the prices of petroleum products every two weeks.

The Prime Minister's Office has informed the Finance Ministry about the announcement of the POL prices, according to sources.

Sources also pointed out that the Oil and Gas Regulatory Authority (OGRA) has not proposed reducing the prices of petrol and diesel in its summary sent to the finance division. A slight increase in POL prices is likely instead.

Sources said a final decision regarding the POL prices is expected to be made today.

Sources revealed that due to a delay in the announcement, petrol pumps have stopped buying petroleum products which can lead to a shortage.

Earlier, The News reported that the price of petrol was likely to drop from Rs235.98 per litre to Rs226.36 after a cut of Rs9.62 per litre for the next fortnight.

However, a slight increase of Rs3.04 per litre is expected in the price of diesel, taking the rate up from Rs247.26 per litre to Rs250.30 for the said duration.

Amid these speculations, petrol pump owners have stopped purchasing petroleum products, sources said.

It was learnt petrol prices have not been changed yet as Prime Minister Shehbaz Sharif is yet to give his directions.

Sources familiar with the matter said that the prime minister has the authority to approve changes to the price of petroleum products.

But PM Shehbaz was attending the Shanghai Cooperation Organisation's (SCO) Council of Heads of State (CHS) summit, where he also held meetings with Russia's Vladimir Putin, Turkey's Recep Tayyip Erdogan, and others.

"The finance ministry is awaiting the prime minister's directions. Once, the prime minister makes a decision on the summary sent to him, only then will the new prices be issued," the sources said.