PM Shehbaz expected to announce cut in petrol prices

Relief measure will have no impact on IMF programme, says Salman Sufi

LAHORE: Prime Minister Muhammad Shehbaz Sharif on Tuesday asked the ministries concerned to move a summary suggesting reduction in petroleum prices after rates reduced in international market.

The PM summoned a summary for a reduction in the oil prices while chairing a meeting at the PM Office. The meeting was attended by officials from Oil and Gas Regulatory Authority (OGRA) and other ministries and departments.

The directives are two days ahead of the fortnightly summary presented to the prime minister on prices of the petroleum products.

Global benchmark Brent crude tumbled $7 to below $100 a barrel on Tuesday on a strengthening dollar, demand-sapping Covid-19 curbs in top crude importer China, and rising fears of a global economic slowdown, according to a report by Reuters.

He asked the ministries of finance and petroleum to present a summary to him for approval, adding that the people deserved relief after passing through difficult times. “The price reduction seen internationally should be transferred to the people with full transparency,” the PM said.

He told the meeting that the government would reduce the oil prices transparently at par with the reduction in the international market, which according to the PM Office statement was a gift to the people on the occasion of Eid-ul-Azha.

He said the incumbent government would continue to providing relief to the people hit by the inflation caused by the previous government.

Meanwhile, Head of Prime Minister’s Strategic Reforms Salman Sufi assured the people that the “relief measure will have no impact on IMF programme.

“It is strictly due to the petroleum prices reduction in international market. As the prices fall further internationally, prices shall reflect that in Pakistan,” Sufi added.

Earlier on June 30, the government had announced a hike of Rs14.85 per litre in the price, the fourth hike in the last 35 days, taking the total raised amount since the incumbents government’s takeover to nearly Rs100.
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