Govt decreases prices of petroleum products for March

[ASKardar]

ISLAMABAD: As oil prices declined in the international market, the government slashed the price of petrol by Rs5 per litre on Saturday.

According to the Ministry of Finance, petrol will now be sold for Rs111.60 per litre. The price of diesel has also been cut b Rs5, which means it will now be available for Rs112.26.

The ministry announced that kerosene oil's price has been slashed by Rs7, bringing its cost down to Rs 92.45 per litre.

The new prices will come into effect from March 1, 2020.

The cut in prices was anticipated as international oil prices fell by a large margin last week with the Dubai Crude rate coming down from $62 per barrel on Jan 31 to $50 a barrel on Friday, down 19.35%.

The benchmark International Brent price reduced from $60 a barrel to $51 a barrel, down 18.33%.

SOURCE: https://www.geo.tv/latest/274994

 

[A.A. Khan]

OGRA sent summary for reduction of upto Rs. 7.95 for Petrol. IMF managed PTI govt. does not have much leverage neither they can reduce cost of doing business to attract foreign investment. The prices need to be below Rs. 100 for any kind of economic improvement. Not possible until Hafeez Shaikh and Reza Baqir remain controlling our economy. Asad Umar or someone else can take such decisions but IMF will never tolerate him.