Finance Minister Ishaq Dar announced Saturday that the price of petroleum products will remain unchanged for the next fortnight, Aaj News reported.
He made the announcement in a video message from Washington, where he is participating in the International Monetary Fund and World Bank annual meetings.
Dar said the Oil and Gas Regulatory Authority’s fuel price summary was received by the finance ministry, adding that it recommended an “insignificant price decrease for petrol" and price increase recommendation for kerosene, light diesel oil (LDO), and high-speed diesel (HSD).
“I discussed with the prime minister and it was decided that we will not change the prices of all four products and they will remain the same till October 31,” he said, adding that there would be no increase or decrease.
Dar meets key officials: floods devastation, relief efforts remain top agenda
Earlier on Saturday, a statement released by the Ministry of Finance said that Dar met top government officials of the United States and the United Kingdom alongside key figures of various global financial institutions, during his ongoing trip to the USA.
The finance minister, who is leading Pakistan’s delegation in the IMF / World Bank’s 2022 Annual meetings being held in Washington DC, met with Vicky Ford, UK Minister of State for Foreign, Commonwealth and Development Office (FCDO).
Oil prices plummeted on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.
Brent crude futures were down $2.52, or 2.7%, at $92.05 a barrel at 11:12 a.m. EDT, while U.S. West Texas Intermediate (WTI) crude futures fell $2.97, or 3.3%, to $86.14.
The Brent and WTI contracts both oscillated between positive and negative territory for much of Friday but were down for the week by 6% and 7%, respectively.
The International Energy Agency (IEA) on Thursday cut its oil demand forecast for this and next year, warning of a potential global recession.
The market is still digesting a decision last week from the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, when they announced a 2 million barrel per day (bpd) cut to oil production targets.
Underproduction among the group means this will probably translate to a 1 million bpd cut, the IEA estimates.
Saudi Arabia and the United States, meanwhile, have clashed over the decision.
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