POL prices to go down as PM seeks summary amid decline in int’l market

By Staff Reporter | The Express Tribune Jul 13, 2022

Prime Minister Shehbaz Sharif has asked the ministries concerned to move a summary suggesting a reduction in petroleum prices in view of a dip in the international fuel prices.

According to a statement released by the Prime Minister's Office on Tuesday, the premier, while chairing a meeting in Islamabad, asked the ministries of finance and petroleum to present a summary in this regard.

He further said that the incumbent government would pass on full benefit of the price drop in the international market to the consumers.

Observing that the people deserved relief in such difficult times, PM Shehbaz vowed to continue to provide ease to the people hit by the inflation 'caused by the previous government'.

The statement termed the reduction in fuel prices a ‘gift’ for the public on the occasion of Eidul Azha.

The meeting was attended by the senior officers of the Oil and Gas Regulatory Authority (OGRA) and the relevant ministries and departments.

Two weeks ago, the coalition government jacked up fuel prices by up to Rs18.83 per litre on account of petroleum levy on these products.

The government had been charging zero petroleum levy and general sales tax on petroleum products to absorb the impact of the hike in global oil prices and depreciation of the rupee against the dollar.

The present government is already facing criticism due to its massive hike in oil prices after it came to power.

Earlier, the government had claimed that it was paying Rs100 billion monthly bill to clear price differential claims for keeping the oil prices lower.

The government had said that it would have to pay an annual bill of Rs1.20 trillion for subsidy if it decided not to increase the oil prices.

It claimed that the previous PTI regime had not increased the prices of gas since December 2021. It had resulted in Rs1.4 trillion circular debt in the gas sector.

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