ISLAMABAD: Following a decline in the price of crude oil throughout the world, Prime Minister Shehbaz Sharif has requested a statement from the finance and petroleum ministries suggesting a fall in the price of petroleum products.
The prime minister announced on Twitter that he had directed the finance and petroleum ministries to inform the public of the decrease in the price of petroleum goods on the global market.
“I have instructed the Ministries of Petroleum and Finance to inform the public of the decrease in POL product prices on the global market. They deserve assistance because they have experienced financial troubles. We will continue to make their life easier with Allah’s favor, the prime minister tweeted.
The decision to lower fuel prices was decided in a meeting on Tuesday with PM Shehbaz Sharif presiding, according to Information Minister Marriyum Aurangzeb.
The premier, who was presiding over a meeting, declared that the government will fully benefit the customers who had been making sacrifices because of the increase in gasoline prices.
According to a statement from the PM Office, he informed the audience that the government would transparently lower oil prices to match those on the global market, which was excellent news for the public on the occasion of Eid al-Azha.
Senior Oil and Gas Regulatory Authority personnel as well as representatives from related ministries and departments were present at the meeting.
Brent oil closes under $100/barrel
Oil marginally increased on Wednesday, Reuters reports, a day after it breached $100 a barrel for the first time since April, as traders anticipated U.S. inflation data that might undercut the market.
At 0325 GMT, Brent crude futures were up 24 cents, or 0.2%, at US$99.73 a barrel. West Texas Intermediate crude in the US increased by 10 cents, or 0.1%, to US$95.94.
Due to concerns that aggressive interest rate increases to combat inflation may trigger an economic slump that will negatively affect oil demand, investors have dumped their oil investments. In erratic trading on Tuesday, prices dropped by more than 7%.