In light of declining global crude oil prices and a few days before the Punjab by-elections, Prime Minister Shehbaz Sharif requested a summary from the finance and petroleum ministries suggesting a decrease in petroleum pricing.
According to Information Minister Maryam 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.
Reuters reports that on Tuesday, the price of the world’s most important crude oil, Brent, fell $7 to below $100 per barrel due to a strengthening dollar, demand-stifling Covid-19 limits in the world’s largest petroleum importer, China, and growing concerns about a worldwide economic slowdown.
According to a senior official of an oil marketing company, petrol and high-speed diesel costs should drop by between Rs15 and Rs30 per liter “provided the government does not increase the petroleum levy or apply GST on these fuels.”
He tweeted on Tuesday, “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 have had financial hardships, so they deserve relief”.
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.
— Shehbaz Sharif (@CMShehbaz) July 12, 2022
According to Finance Minister Miftah Ismail, the summary to lower gasoline prices would be sent to Prime Minister Sharif on Wednesday for any necessary action.
According to the state-run wire service APP, Mr. Ismail said, “After obtaining the report from the petroleum division, we would try to convey it to the PM House.”
According to the finance minister, the prime minister genuinely wished to immediately distribute to the populace the advantages of the reduced fuel prices on the international market.
Since the final week of May, the coalition government, which is led by the PML-N, has increased gasoline prices by eliminating fuel subsidies in order to access IMF funds. Since May 26, when the government implemented the first of several fuel price increases, the prices of gasoline, high-speed diesel, kerosene, and light diesel oil have increased by 66 percent (or Rs 99), 92 percent (Rs 132.39), 95 percent (Rs 111.95), and 80 percent (Rs 100.59), respectively.
Mahnur is MS(development Studies)Student at NUST University, completed BS Hons in Eng Literature. Content Writer, Policy analyst, Climate Change specialist, Teacher, HR Recruiter.
