Govt hints at reducing petroleum prices

Full impact of this decline will be realised on Dec 15 pricing, says finance ministry spokesperson

The federal government has hinted at reducing petroleum prices in the country after oil prices in the international market witnessed decline on new coronavirus variant concerns.

The oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could swell in the first quarter.

Oil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand.

Brent crude settled down $9.50, or 11.6%, to $72.72 a barrel, a weekly decline of more than 8%.

“Allah has been kind to Pakistan. Very timely drop in oil prices globally. Brent reduce to $72.91/bbl. The full impact of this decline will be realised on Dec 15th pricing,” Finance Ministry Spokesperson Muzammil Aslam said in a tweet on Saturday.

He added, “But definitely it is big relief on imports & price pass through. Don’t forget Govt is losing 50/litre tax.”

Allah has been kind to Pakistan. Very timely drop in oil prices globally. Brent reduce to $72.91/bbl. The full impact of this decline will be realised on Dec 15th pricing. But definitely it is big relief on imports & price pass through. Don’t forget Govt is losing 50/litre tax. https://t.co/oRIRimd1j8

— Muzzammil Aslam (@MuzzammilAslam3) November 27, 2021

Similarly, Information Minister Fawad Chaudhry while addressing a press conference in Islamabad said that the impact of the decline in international crude oil prices would be passed to consumers in a “few weeks”.

It may be noted that petroleum prices in Pakistan have touched an all-time high with petrol being sold at Rs146 per litre.

‘PML-N targeting institutions to get relief’

In the same presser, Information Minister Fawad said that the underlying motive of PML-N to make the institutions controversial “is to obtain relief in corruption cases against them”.

He said that whenever hearing of corruption cases began against PML-N leaders they “hatched conspiracies” against the state institutions.

He said that during their many years' rule "they [PML-N] promoted nepotism to further their vested interests".

He claimed that the affidavit of former top judge of Gilgit-Baltistan Rana Shamim and alleged leaked audio conversation of former chief justice Saqib Nisar were part of the PML-N’s plot to get relief in cases.

“It is very obvious that the Sharif family is resorting to such tactics as they have to present the money trail about the purchase of their properties,” Fawad added.

Fawad said that “if Maryam Nawaz thought the audio recording of Saqib Nisar could benefit her case, then she should take it to the court”.

He also pleaded superior judiciary to take notice of the recent revelations and take action accordingly.

Fawad said PML-N won elections in 1990 against the PPP though rigging and the apex court had affirmed this.

However, he added that it was another matter that PPP had now joined hands secretly with PML-N.

(With input from APP)