ISLAMABAD: Prime Minister Shehbaz Sharif has sought a summary from finance and petroleum ministries recommending a reduction in the price of petroleum products after global crude oil rates decreased.
Taking to Twitter, the prime minister said that he had ordered the ministries of petroleum and finance to pass on the reduction in the prices of petroleum products in the international market to people.
“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 & relief is their right. With Allah’s grace, we will continue to bring ease in their lives,” the premier tweeted.
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 Information Minister Marriyum Aurangzeb, the decision to reduce fuel prices, was made in a meeting on Tuesday with PM Shehbaz Sharif in the chair.
Chairing a meeting, the premier said the government would pass on the full benefit to the consumers who had been sacrificing owing to the rise in petroleum prices.
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 good news to the people on the occasion of Eid-ul-Azha.
The meeting was attended by the senior officers of the Oil and Gas Regulatory Authority and the relevant ministries and departments.
According to Reuters, oil edged up on Wednesday, a day after it fell through $100 a barrel for the first time since April, while traders looked towards U.S. inflation data that could weaken the market.
Brent crude futures were up 24 cents, or 0.2per cent, at US$99.73 a barrel at 0325 GMT. U.S. West Texas Intermediate crude gained 10 cents, or 0.1per cent, to US$95.94.
Investors have sold oil positions on worries that aggressive interest rate hikes to stem inflation will spur an economic downturn that will hit oil demand. Prices fell by more than 7per cent on Tuesday amid volatile trading.