The new petrol and diesel rates may be revealed today, according to Finance Minister MIftah Ismail, after the government decided to pass on the advantage of lower oil prices on the international market to consumers.
Speaking to a private TV station, the finance minister stated that the Petroleum Division’s report will be promptly given to Prime Minister Shahbaz Sharif.
The government announces petroleum product pricing every two weeks, but this time the decision is released a few days sooner.
On Tuesday, Prime Minister Shahbaz urged the relevant ministries to produce a summary advocating a drop in fuel prices.
The prime minister, who was chairing a meeting, stated that the government will pass on the whole advantage to consumers who had been suffering as a result of the spike in fuel prices.
He requested that the ministries of finance and petroleum provide a report for his approval, noting that the people deserved assistance after going through terrible circumstances.
He informed the meeting that the government will cut oil prices openly in line with the world market, which the PM Office said was excellent news for the people on the occasion of Eid-ul-Azha.
He stated that the current government will continue to give relief to those affected by the previous government’s inflation. He said that, with the Grace of Allah Almighty, the government will make life easier for the people.
The conference was attended by top executives from the Oil and Gas Regulatory Authority, as well as representatives from the appropriate ministries and agencies.
What may the new gasoline price be?
According to Petroleum Division sources, the government is anticipated to announce a Rs10 and Rs25 cut in petrol and diesel prices, respectively, as a big relief to the country’s inflation-stricken populace.
According to the sources, petroleum product prices could not be revised before July 16, and the federal cabinet’s approval would be necessary to quickly pass on the benefit of lower global oil prices to consumers.