Petroleum prices to fall as PM seeks summary

• Prime Minister Muhammad Shehbaz Sharif on Tuesday directed that a summary recommending a decrease in petroleum prices be circulated
• 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

LAHORE: Prime Minister Muhammad Shehbaz Sharif on Tuesday directed that a summary recommending a decrease in petroleum prices be circulated, as the government has chosen to pass on the advantage of lower oil prices on the international market to consumers.

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 gathering that the government will lower oil prices openly in line with the world market, as a present to the people on the occasion of Eid-ul-Azha, according to a PM Office statement. He stated that the current government will continue to give relief to those affected by the previous government’s inflation. He stated that the administration will make more improvements to the people’s life by the Grace of Allah Almighty.

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The conference was attended by top executives from the Oil and Gas Regulatory Authority as well as representatives from the relevant ministries and departments.