Govt Keeps Petrol Price Unchanged Despite 14% Global Oil Price Drop

The federal government has decided to keep the prices of petrol and high-speed diesel unchanged for the next fortnight, despite a huge drop in international oil prices. This means that the price of petrol will remain at Rs. 254.63 while the price of high-speed diesel will be Rs. 258.64. It is pertinent to mention here that worries about tariffs imposed by US President Donald Trump, along with a supply hike by OPEC+, have caused oil prices to plunge by roughly 14 percent so far this month. Earlier in the day, while chairing the Federal Cabinet meeting, Prime Minister Shehbaz Sharif announced that instead of passing on the reduction in petroleum prices in the international market to consumers, the saved amount will be used for the dualization of the vital N-25 highway in Balochistan. The same savings will be used to complete Phase 2 of the Kachhi Canal, which will irrigate hundreds of acres of land in Balochistan. The Federal Cabinet, on the recommendation of the Petroleum Division, also approved an amendment to the Petroleum Products (Petroleum Levy) Ordinance 1961.