ISLAMABAD: With the fall in oil prices in the global market, the price of petrol in Pakistan, too, is likely to fall by up to Rs10 per litre.
According to sources in the Petroleum Division, the price of petrol can be reduced by Rs10 and diesel by Rs25 per litre.
The sources said that the immediate reduction in the prices of petroleum products will require the approval of the federal cabinet and without it, the prices can not be reduced before July 16.
The cabinet has currently given approval for the revision in the prices of petroleum products on a 15-day basis.
Talking to a private TV channel, the finance minister said that the petroleum division’s summary will be forwarded to Prime Minister Shehbaz Sharif immediately.
Earlier, PM Shehbaz had asked the ministries concerned to move a summary suggesting a reduction in petroleum prices.
The prime minister, chairing a meeting, said the government would pass on the full benefit to the consumers who had been making sacrifices because of the rise in petroleum prices.
He asked the ministries of finance and petroleum to present a summary to him for approval, adding that the people deserved relief after going through difficult times.
He told the meeting that the government would reduce the oil prices transparently at par with the reduction in the international market, which according to the PM Office statement was good news to the people on the occasion of Eid ul Adha.
