ISLAMABAD: Following the decline in the price of crude oil on a worldwide scale and just a few days before the Punjab by-elections, Prime Minister Shehbaz Sharif requested a brief from the finance and petroleum ministries suggesting a decrease in fuel prices.
“I have instructed the finance and petroleum ministries to inform the public of the decrease in POL (petroleum, oil, and lubricant) product prices on the global market. They are entitled to help since they have had financial hardships.According to Information Minister Marriyum Aurangzeb, the prime minister presided over a meeting where the decision was reached, which was also attended by senior members of the Oil and Gas Regulatory Authority and other ministries and departments.
Tuesday saw a $7 drop in the price of the global benchmark Brent crude to below $100 per barrel due to a strengthening dollar, demand-draining Covid-19 limits in China, the world’s largest crude importer, and growing concerns about a worldwide economic recession.
A senior executive of an oil marketing company, the cost of gasoline and high-speed diesel is likely to reduce by Rs. 15 and Rs. 30 per litre “provided the government does not increase the petroleum levy or apply GST on these fuels.”
