Pakistan may cut petroleum prices from July 16, 2022

Pakistan may cut petroleum prices from July 16, 2022

ISLAMABAD: Pakistan likely to cut prices of petroleum products from July 16, 2022 in the wake of falling oil prices in the international markets.

Prime Minister Shehbaz Sharif on Tuesday directed the authorities to pass on the full benefit of falling oil prices in the international markets to the masses.

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The premier directed the ministries of petroleum and finance to prepare a summary for reduction in oil prices for next fortnight starting from July 16, 2022.

Chairing a meeting on fuel prices, the Prime Minister said the people spent a difficult time, now they have the right to get full relief.

He said we will take every step for the provision of relief to the masses who suffered heavily because of inflation caused by the previous government.

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The Prime Minister said if the grace and blessings of Allah Almighty continue like this, they will bring more ease in the lives of the people.

The meeting was also attended by senior officials of Oil and Gas Regulatory Authority (OAGRA) and other ministries and departments.

Previously, the government was continuously increasing the prices of petroleum products since May 26, 2022 by eliminating subsidies and imposition of petroleum levy.

The prices of petroleum products effective from July 01, 2022, were:

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The new prices of petrol have been increased by Rs14.85 per liter to Rs248.74 from Rs233.89.

The rate of high speed diesel has been increased by Rs13.25 per liter to Rs276.54 from Rs263.31.

The rate of kerosene oil has been increased by Rs18.83 per liter to Rs230.26 from Rs211.43.

Similarly, the rate of light speed diesel has been increased by Rs18.68 per liter to Rs226.15 from Rs207.47.

READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

Although, the prime minister directed the authorities to reduce the prices of petroleum products in the wake of fall in oil prices in the international markets but the imposition of petroleum levy may not give the government much room to reduce the prices drastically.

Recently, National Assembly (NA) approved a levy of Rs50 per liter on each petroleum product. The assembly allowed the government to include the levy in the prices of petroleum products up to Rs50 per liter of each product.