Pakistan: Shehbaz seeks summary to slash fuel prices

Islamabad, July 13 Pakistan’s Prime Minister Shehbaz Sharif has sou­ght a summary from fina­nce and petroleum ministries to suggest a reduction in petroleum prices in the wake of falling global crude oil rates and a few days ahead of Punjab by-elections, Dawn reported on Wednesday.
“I have ordered the ministries of petroleum and finance to pass on the reduction in the prices of POL [petroleum, oil and lubricant] products in the international market to the people. They have faced tremendous economic difficulties and the relief is their right,” Shehbaz said.
Pakistan’s Information Minister Mar­­r­iyum Aurangzeb, gave this information and said that it was made in a meeting chaired by the prime minister and att­ended by senior officials of the Oil and Gas Regula­tory Authority and other min­istries and departments.
A senior official of an oil marketing said that he expected a Rs 15 and Rs 30 per-litre decrease in petrol and high-speed diesel prices “if the government does not increase petroleum levy or impose GST on these fuels”, adding that “These are tentative numbers and the prices will be clear by Wednesday evening,” he said.
Finance Minister Miftah Ismail also said on Tuesday the summary to reduce petroleum prices would be forwarded to Prime Minister Sharif on Wednesday for necessary action.
The PML-N-led coalition government has been increasing petroleum prices since the last week of May as it slashed fuel subsidies to unlock IMF funding.
The prices of petrol, high-speed diesel, kerosene and light diesel oil have skyrocketed 66 per cent (or Rs99), 92 per cent (Rs132.39), 95 per cent (Rs111.95) and 80 per cent (Rs100.59) since May 26, when the government introduced the first of a series of fuel price hikes.