Islamabad: Pakistan government plans to reduce the fuel prices to offer relief to the people grappling with higher costs of living after the recent fuel and food price hike.
The reduction in petroleum prices is being considered as the global oil prices dropped below $100 a barrel for the first time in three months amid rising inflation and fears of global recession
Prime Minister Shehbaz Sharif has ordered the ministries of petroleum and finance to “pass on the reduction” in international prices to the people. “They have faced economic difficulties and the relief is their right,” he tweeted.
The prime minister sought a summary from the two ministries to suggest a reduction in petroleum prices in the wake of falling global crude oil prices.
Sharif directed the relevant authorities to ensure the reduction in petroleum prices “with full transparency”. The decision was made in a meeting chaired by the prime minister and attended by officials of the Oil and Gas Regula¬tory Authority (OGRA) and other relevant min¬istries and departments, according to Information Minister Marriyum Aurangzeb.
The price decrease will be a massive relief for Pakistanis enduring 13-year high inflation as the coalition government increased petrol and diesel prices four times since May 26. The petrol prices in Pakistan increased 66 per cent or nearly Rs100 in one month in a bid to unlock the bailout package from the International Monetary Fund (IMF). The resumption of the IMF program will also help the country of 220 million access funds from other lenders.