Prime Minister (PM) Muhammad Shehbaz Sharif has asked the petroleum division and other relevant ministries to submit a summary suggesting a decrease in fuel prices, following a global reduction in oil prices.
With Brent Crude Futures closing below $100 for the first time since April 11th, this is just the right time for the Pakistan government to reduce fuel prices as well.
During a meeting on Tuesday, the premier declared that the government seeks to pass the global reduction in petroleum, oil, and lubricants (POL) on to the general public. He instructed the ministries of finance and petroleum division to propose a fuel price reduction summary on an urgent basis.
He said that the government must reduce POL prices as per the international market reduction. The interim government will continue its efforts to alleviate inflation that has pummeled the masses “due to the previous government’s incompetence,” he added.
Senior officers of the Oil and Gas Regulatory Authority (OGRA), petroleum division, ministry of finance, and other relevant departments attended the meeting. The date for summary submission is currently unknown. However, with the bi-weekly review date drawing near, the government will likely issue a decision soon in this regard.
The prices of petroleum products are likely to decrease further by up to Rs. 20-25 per liter on July 15 following global price movements.
Sources have confirmed ProPakistani that the price of petrol is expected to decrease by Rs. 8-10 per liter, and diesel by Rs. 20-25 per liter. The incumbent government may also slash the price of Kerosene oil by Rs. 21 per liter and Light Diesel by Rs. 11 per liter. When finalized, the new prices are expected to come into effect in two days’ time.