Monday, August 8, 2022

Miftah Ismail hints at slashing fuel prices

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ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail on Wednesday hinted at reducing the prices of petroleum products following a significant drop in oil prices in international market, ARY News reported.

“The coalition government will definitely provide relief to masses on petroleum products if fuel prices continued to decrease in international market,” he said while talking to state-run television.

Miftah Ismail went on to say that the current government saved Pakistan from bankruptcy. “Pakistan would have become bankrupt if the previous government stayed in power for six months,” he added.

Finance Minister Miftah Ismail maintained that the current account deficit increased due to former government’s wrong policies and the agreement PTI made with the IMF.

On Wednesday, the Public Accounts Committee (PAC) recommended a reduction in the prices of petroleum products following a significant drop in oil prices internationally.

While chairing the PAC committee, Noor Alam Khan, said that prices of petroleum products have reduced significantly in the international market.

It is pertinent to mention here that oil prices dropped to a 12-week low in volatile trade on Wednesday, extending Tuesday’s heavy losses as growing fears of demand destruction from a global recession outweighed supply concerns.

Brent futures for September delivery fell $2.99, or 2.9%, to $99.78 a barrel by 10:57 a.m. EDT (1457 GMT), while U.S. West Texas Intermediate (WTI) crude fell $3.19, or 3.2%, to $96.31.

That puts WTI and Brent on track for their lowest closes since April 11, after Brent fell 9% and WTI fell 8% on Tuesday.

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