ISLAMABAD: Special Assistant to Prime Minister on Petroleum Nadeem Babar on Tuesday said that falling petroleum prices around the world would help benefit economy of Pakistan besides reducing inflation issues confronted the common man in the country.
“Prime Minister Imran Khan has directed the concerned authorities to formulate a comprehensive strategy regarding petroleum products,” he said talking to a local news channel.
Replying to a question, Nadeem Babar said there was dire need to upgrade Pakistan’s oil refinery sector.
It may be noted that economic experts have said that the falling oil price is not encouraging as it is a sign of weak economy amid fear of coronavirus as consumer buying power has dried up.
Earlier this month, the federal government had slashed prices for petroleum products up to Rs7 per litre for March 2020.
The government had reduced prices of petrol and diesel by Rs5 per liter and prices of kerosene and light diesel oil by Rs7 per litre. Petrol which was being sold for Rs116.6 had been reduced to Rs111.6 now. Diesel was being sold for 127.26 earlier, now it was slashed to Rs122.26 a litre. Light Diesel Oil which was being sold for 84.51 had been cut to 77.51. Prices of kerosene oil slashed to Rs92.45 from earlier Rs99.45 a litre.
On Mar 7, Federal Minister for Financial Affairs Hammad Azhar had said inflation had been decreased due to reduction in oil prices.
He had said the last government of the Pakistan Muslim League-N (PML-N) had imposed 42 per cent oil tax but the incumbent government had imposed it only 30 per cent.
The minister had said oil prices in Pakistan’s neighboring countries were still higher.