Miftah says summary for reduction in petrol price sent to PM for approval

Islamabad: Finance Minister Miftah Ismail on Wednesday said the summary to reduce prices of petroleum products had been sent to Prime Minister Shehbaz Sharif for approval.

Radio Pakistan quoted the minister as telling a private TV channel that the prices of petroleum were being reduced on the directives of the prime minister to provide relief to the people.

A day ago, PM Shehbaz had sought a summary from the ministries of finance and petroleum, carrying a proposal for reduction in prices of petroleum products in view of decreasing crude rates in the international market.

The premier had chaired a meeting yesterday and asked the ministries concerned to move a summary suggesting reduction in petroleum prices, saying “the government has decided to pass on benefit of reduced oil prices in international market to the consumers.”

He had said the government would reduce oil prices transparently at par with the reduction in the international market, which according to the PM Office statement, was a “gift to people on the occasion of Eidul Azha”.