Cut in oil prices likely as PM seeks summary
- Move comes after prices go down significantly in international market
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday sought a summary from the Oil and Gas Regulatory Authority (Ogra) to reduce the prices of petroleum products after the prices went down significantly in the international market.
In a meeting held here, the prime minister sought a summary from the Ogra to reduce the prices of petroleum products in order to give relief to the masses as the prices were significantly increased by the government.
The prime minister directed the Ogra to send a summary for the reduction in oil prices after which, a decision to reduce the POL prices would be taken.
He also asked the ministries of finance and petroleum to present a summary to him for approval, adding that the people needed relief after passing through difficult times.
He told the meeting that the government would reduce the oil prices transparently at par with the reduction in international market, which according to the PM Office statement was a gift to the people after Eid-ul-Azha.
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He said that the government would continue to provide relief to masses hit by the inflation caused by previous government.
“By the grace of Allah almighty, the government will bring in further eases to the people’s lives”, he added.
The meeting was attended by senior officials of the Ogra, ministries, and the other departments, in which, the prime minister made the decision to pass on the full benefits of the fall in oil prices in the world market to the people.
The Pakistan Muslim League-Nawaz (PML-N) vice president, Maryam Nawaz, and Punjab Chief Minister Hamza Shehbaz had recently indicated a massive cut in petroleum prices in wake of oil prices’ reduction in the international market.
Copyright Business Recorder, 2022
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