PM Shehbaz asks for summary to slash petroleum prices

Amid the decrease in international oil prices, Prime Minister Shehbaz Sharif has asked the ministries to prepare a summary to reduce petroleum prices in Pakistan. During a meeting in Islamabad on Tuesday, Prime Minister involved the petroleum and finance ministries and asked them to put forward the summary, suggesting a drop in petrol rates. The premier termed the initiative as a gift to the public for Eid-ul-Adha.

Mr Sharif added that the government would convey the full benefit of price drop in the international market to the general consumer. He further said that the previous government created difficult situations for the public, and they deserved relief.

Previously the government had jacked up the petroleum prices by Rs18.83. Since the coalition government came into power, petrol prices have surged to Rs248.74 per litre.

The government said that they needed to hike prices to fulfill International Monetary Fund’s (IMF) requirement. However, this time they decided to bring down prices by looking at the ‘international market’.