The government will lower domestic gasoline prices before midnight, according to Finance Minister Miftah Ismail, who also announced that Prime Minister Shehbaz Sharif has received a report from the Oil and Gas Regulatory Authority (Ogra) recommending the drop.
Speaking to the media, he emphasized that the International Monetary Fund (IMF) had no issues with the government’s decision. The announcement comes on the same day that the IMF announced it had reached an agreement at the staff level with Pakistan for the conclusion of the combined seventh and eighth reviews of the Extended Fund Facility. The agreement is now subject to approval by the Executive Board.
He said that the administration will lower oil prices now rather than wait until July 14th.
The Prime Minister of Pakistan, Shehbaz, wants to declare quick relief for the populace, he stated. “We want to give relief because the public supported the government during trying times and carried the weight of inflation.”
In its conclusion, Ogra suggested lowering the cost of gasoline by Rs. 18 per liter and diesel by more than Rs. 20 per liter.
The decision to lower petroleum product prices comes as the price of crude oil has fallen dramatically over the previous several days on the global market.
Oil prices dropped on Thursday as investors focused on the possibility of a significant US rate rise, which may reduce inflation but also lower oil demand.
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