PM Imran Khan decides against hiking fuel prices

ISLAMABAD: Prime Minister Imran Khan has decided against an increase in fuel prices with the finance ministry issuing a notification to maintain the petrol prices for the next 15 days, ARY NEWS reported.

According to a notification issued from the finance ministry on the directive of PM Imran Khan, the petrol price would remain unchanged at Rs145.82 per litre, diesel at Rs 142.62 per litre and Kerosene oil at Rs116.53 per litre.

The price of light diesel will also remain unchanged at Rs114.07 per litre.

While global fuel prices continued their downward trend this week, there seemed little chance of the government revising the prices of petroleum products to pass on relief to the masses on Dec 1.

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A spokesperson for the Ministry of Finance, Muzzammil Aslam, in a tweet said, “Allah has been kind to Pakistan. Very timely drop in oil prices globally. Brent reduce to $72.91/bbl.”

“The full impact of this decline will be realised on Dec 15th pricing. But definitely it is big relief on imports & price pass through. Don’t forget Govt is losing 50/litre tax.”

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Global oil prices fell $10 a barrel on Friday, their largest one-day drop since April 2020, according to Reuters.

Brent crude settled down $9.50, or 11.6%, to $72.72 a barrel, a weekly decline of more than 8%. U.S. West Texas Intermediate (WTI) crude settled down $10.24 on Friday, or 13.1%, at $68.15 a barrel, declining more than 10.4% on the week.