Govt notifies upto Rs41 cut in POL prices after global oil prices fall

After an approval of Prime Minister Shehbaz Sharif, the coalition government has announced huge relief to the financially crunched masses and notified whooping reduction of Rs41 POL prices per litre.

The new price of petrol per litre now reached Rs230.35 from Rs248.74.

Finance Minister Miftah Ismail announced this development in a tweet also.

Pertinent to note that last price hike was started from July 1st. Then, the price of petrol was Rs248.74/litre, diesel was Rs276.54/litre, kerosene oil was Rs230.26/litre, and the price of light diesel oil was Rs226.15/litre.

Earlier, Prime Minister Shehbaz Sharif summoned a summary from the Ministries of Finance and Petroleum recommending a reduction in the price of petroleum products after the oil price decreased in the international market.

The PM summoned the summary for a reduction in the oil prices while chairing a meeting at the PM Office. The meeting was attended by officials from OGRA and other ministries and departments.

“People have made sacrifices they should reap the benefits of this,” PM was quoted by Information Minister Marriyum Aurangzeb on Twitter.

She also quoted the PM as saying that the people have gone through difficult times and it is their right to get the “complete benefit” of the price reduction.

“The price reduction seen internationally should be transferred to the people with full transparency,” said the PM. He assured the nation that his government will continue to work to reduce the inflation that was imposed due to the actions of his predecessor.

The directives came two days ahead of the fortnightly summary presented to the prime minister on the prices of petroleum products. The government notifies changes in oil prices on the 1st and 15th of each month.