Islamabad July 12 2022: Government of Pakistan is likely to reduce petroleum on coming 15th of this month as indicated by Prime Minister of Pakistan in its message to nation.
“I have ordered Ministries of Petroleum & Finance to pass on the reduction in the prices of POL products in the international market to people. They have faced economic difficulties & the relief is their right. With Allah’s grace, we will continue to bring ease in their lives, IA.” says Prime Minister of Pakistan Shahbaz Shareef.
On 30th June 2022, Government has set prices for Motor Gasoline (Petrol) at PKR 248.74 per liter, High Speed Diesel (HSD) at PKR 276.54 per liter, Kerosene (SKO) at PKR 230.26 per liter and Light Diesel Oil at PKR 226.15 per liter, in view of the fluctuations in petroleum prices in the international market and exchange rate variation. These prices will be applicable till 15th of July 2022.
West Texas Intermediate lost as much as 8% to slip under $96 a barrel. Rising virus cases in China and looming US inflation data are stoking concerns about demand. Meanwhile, dwindling liquidity is also exacerbating price moves while money managers turned more bearish on the main oil benchmarks last week, cutting their net-long positions to the lowest since 2020.
