Last Updated on: 6th July 2023, 12:55 am
Petroleum Price Will Fall By Rs 0.8 Per Litre, Says Miftah
Finance Minister Miftah Ismail said Saturday that petroleum product prices are expected to fall by 0.8 paisa (0.8 rupees) a liter, according to preliminary figures.
Speaking to a private news channel, the finance minister said the price of petrol or diesel would be reduced by 0.8 paisa per liter and the announcement would be made on Sunday (today).
Asked whether the prices would be lowered in line with the development of the international market, the minister mentioned that Pakistan would have to pay a higher premium for imported gasoline and diesel due to the higher risk of default, which could deprive consumers of any significant relief.
In addition, he said that the devaluation of the local currency is also a factor.
It is important to note here that as part of the bi-monthly petroleum price review, the government was required to announce the revised prices on September 16th.
The finance minister said the price review was delayed because Prime Minister Shehbaz Sharif was not in the country.
Also Read: Federal Govt Can’t Afford To Subsidize Petroleum Products, Says Miftah Ismail
In the latest 14-day revision, the government hiked all petroleum derivatives prices despite the fall in international petroleum prices.