Petrol price: Miftah Ismail says 'will forward summary to PM today'

ISLAMABAD: Finance Minister Miftah Ismail has said that he will forward the summary to reduce petrol prices to Prime Minister Shehbaz Sharif today.

While talking to a private news channel, Miftah Ismail confirmed that the prices of petrol, diesel and kerosene oil will be reduced and a summary will be sent to the prime minister today. He added that he will try to implement new fuel prices at the earliest.

Ismail said that the levy on petrol and diesel will remain unchanged. The government wanted to give relief to the nationals after a decrease in oil prices in the international market.

The finance minister criticised Hafeez Shaikh and Shaukat Tarin failed to fulfil promises with the International Monetary Fund (IMF). He added that there was no difference between Pakistan and IMF regarding the loan program.

He said that the petroleum products prices have nothing to do with politics as they will be fixed in accordance with the global rates.

The government has decided to slash prices of petroleum products, first time in its three months’ tenure, sources told ARY News.

Petroleum levy, imposed by the government, will likely to remain in place. The levy on petroleum has been Rs. 10 per litre, while high speed diesel, kerosene oil and light diesel carrying five rupees per litre levy.

According to sources, the price of petroleum will likely to be slashed by eight rupees and diesel price by 20 rupees per litre. Moreover, kerosene oil and prices likely to be slashed by Rs 21 and 11 per litre respectively.

The coalition government led by the PML-N has enhanced the price of petroleum by 66 to 95 percent in its brief tenure.

The government has made per litre hike of 99 rupees in petrol price, while diesel price has been enhanced by 132 rupees per litre, kerosene oil Rs. 111 per litre and light diesel by 100 rupees per litre.

PM Shehbaz Sharif had sought a summary from finance and petroleum ministries on Tuesday for reduction in the price of petroleum products after global crude oil rates went down.