PM Shehbaz seeks summary to slash petrol prices

Prime Minister Shehbaz Sharif on Tuesday sought a summary from the ministries of finance and petroleum, carrying a proposal for reduction in prices of petroleum products in view of decreasing crude rates in the international market.

According to Reuters, global benchmark Brent crude tumbled $7 to below $100 a barrel on Tuesday on a strengthening dollar, demand-sapping Covid-19 curbs in top crude importer China, and rising fears of a global economic slowdown.

In this connection, the premier chaired a meeting today and asked the ministries concerned to move a summary suggesting reduction in petroleum prices, saying "the government has decided to pass on benefit of reduced oil prices in international market to the consumers," the state-run wire service APP reported.

The prime minister told the meeting participants that the government would pass on the full benefit to the consumers who had been "braving hardships owing to the rise in petroleum prices".

He said the government would reduce oil prices transparently at par with the reduction in the international market, which according to the PM Office statement, was a "gift to people on the occasion of Eidul Azha".

He said the incumbent government would continue to providing relief to people hit by the inflation caused "due to policies of the previous government".

Meanwhile, PML-N Vice President Maryam Nawaz also told a rally in Jhang on Tuesday that PM Shehbaz had a sought a summary from relevant departments for reduction in petrol price, adding the decision will be announced in a couple of days.

The government had last announced a hike of Rs14.85 per litre in the price of petrol on June 30, the fourth such raise in the last 35 days, taking the cumulative amount of all hikes since May 26 to nearly Rs100.