ISLAMABAD : (July 13, 2022). The government is likely to announce reduction of Rs 38 to 48 per litre in the rates of petroleum prices for fortnight commencing from July 16, NEWSMAN learnt on good authority .
The Oil and Gas Regulatory Authority (OGRA) and office of director general Oil of the ministry of Petroleum and Natural Resources have worked out impact of downward trend in crude oil prices in the global market and sent their recommendation to the prime minister office for a final decision on reducing in the prices of petroleum prices.
Sources said on the basis of downward trend in crude oil rate in global market in the last two weeks, OGRA and director general Oil office have suggested Rs 38 per liter reduction in petrol and Rs 48 per lintre in the rates of diesel.
However, the a final decision as to how much benefit of reduction in oil prices could be passed on the local consumers will be taken at the highest level. The prime minister has already directed to the concerned departments that the benefit of reduction proportionate to reduction in the rates of crude oil in the international market be passed on to the end consumers.
During May and June last, the government had scaled- up petroleum prices unprecedentedly to meet the condition of the International Monetary Fund (IMF) to secure a deal for getting restored its programme.
It took petroleum product prices all time high in June. As a result petrol and diesel prices went up to Rs 250 per liter and Rs 275 per liter respectively .
As it was imminent such a big jump in petroleum products prices had worst spiral impact on the prices of daily use. The repeated increases in petroleum products prices sky rocked inflation to take prices of edibles and all other items to historically high. It eroded buying power of the people leaving them in shock as they did expect some relief from Shahbaz Sharif government rather than more bad times in their lives.
With severe reaction from the public at large , the government made it mind to stop up-loading more burden on them in the name of tough decisions. Luckily meantime the rates of crude oil dropped significantly to give a window to the government to reduce petroleum products prices to give relief to the people who are wailing under killing inflation.
Its expected that prime minister, Shahbaz Sharif is going to announce reduction in the rates of petroleum products sometime in next 24 hours.
Finance minister , Miftah Ismael , on Wednesday told media in Islamabad that the government is going to announce reduction in petroleum products prices on July 13, 2022 .
The announcement of reduction in petroleum products prices is also important for Pakistan Muslim League Nawaz (PMLN) to win a nail biting fight of by-polls in Punjab.
Pakistan Tehreek e Insaf (PTI) chairman, Imran Khan, had chided Shahbaz Sharif to bring petrol and diesel prices down to Rs 150 per litre if he was a khadam of the masses.
ISLAMABAD : (July 13, 2022). The government is likely to announce reduction of Rs 38 to 48 per litre in the rates of petroleum prices for fortnight commencing from July 16, NEWSMAN learnt on good authority .
The Oil and Gas Regulatory Authority (OGRA) and office of director general Oil of the ministry of Petroleum and Natural Resources have worked out impact of downward trend in crude oil prices in the global market and sent their recommendation to the prime minister office for a final decision on reducing in the prices of petroleum prices.
Sources said on the basis of downward trend in crude oil rate in global market in the last two weeks, OGRA and director general Oil office have suggested Rs 38 per liter reduction in petrol and Rs 48 per lintre in the rates of diesel.
However, the a final decision as to how much benefit of reduction in oil prices could be passed on the local consumers will be taken at the highest level. The prime minister has already directed to the concerned departments that the benefit of reduction proportionate to reduction in the rates of crude oil in the international market be passed on to the end consumers.
During May and June last, the government had scaled- up petroleum prices unprecedentedly to meet the condition of the International Monetary Fund (IMF) to secure a deal for getting restored its programme.
It took petroleum product prices all time high in June. As a result petrol and diesel prices went up to Rs 250 per liter and Rs 275 per liter respectively .
As it was imminent such a big jump in petroleum products prices had worst spiral impact on the prices of daily use. The repeated increases in petroleum products prices sky rocked inflation to take prices of edibles and all other items to historically high. It eroded buying power of the people leaving them in shock as they did expect some relief from Shahbaz Sharif government rather than more bad times in their lives.
With severe reaction from the public at large , the government made it mind to stop up-loading more burden on them in the name of tough decisions. Luckily meantime the rates of crude oil dropped significantly to give a window to the government to reduce petroleum products prices to give relief to the people who are wailing under killing inflation.
Its expected that prime minister, Shahbaz Sharif is going to announce reduction in the rates of petroleum products sometime in next 24 hours.
Finance minister , Miftah Ismael , on Wednesday told media in Islamabad that the government is going to announce reduction in petroleum products prices on July 13, 2022 .
The announcement of reduction in petroleum products prices is also important for Pakistan Muslim League Nawaz (PMLN) to win a nail biting fight of by-polls in Punjab.
Pakistan Tehreek e Insaf (PTI) chairman, Imran Khan, had chided Shahbaz Sharif to bring petrol and diesel prices down to Rs 150 per litre if he was a khadam of the masses.