ISLAMABAD: Pakistanis received good news among the piles of bad reports when Prime Minister Nawaz Sharif announced reduction in petroleum, oil & lubricant (POL) prices on October 31 by Rs9.43 per litre. But this cut was not enough in the wake of declining world oil prices.
Brent crude is expected to trade as low as $74/barrel within 2014 after a relentless slide from levels as high as $114/b in mid-June, recording almost 35.08% decline in the prices. Following immense decline in world oil prices, Pakistani government should have at least decreased the petrol prices up to Rs 30, instead of meager decrease of Rs9.43/litre.
Local petrol prices should be decreased by Rs 14 till end-November to give some relief to masses and these prices should further be slashed by Rs 14 by end of December 2014 taking the petrol price at Rs 68 per litre, matching the prices with declining trend in world oil prices.
