Finance Minister Miftah Ismail said Saturday that prices of petroleum products would likely go down by 8 paisas (Rs. 0.08) per liter, according to preliminary numbers.
Speaking to a private news channel, the finance minister said that the price of either petrol or diesel will be reduced by 8 paisas per liter, with the announcement set to be made on Sunday (today).
When asked if the prices would be decreased following the trend in the international market, the minister mentioned that Pakistan has to pay a higher premium on the import of petrol and diesel due to its higher default risk which may deprive consumers of any major relief. Moreover, he said that the devaluation of the local currency is also a factor.
It is pertinent to mention here that under the fortnightly review of petroleum prices, the government had to notify revised prices on September 16.
The finance minister said that the revision in prices was delayed as Prime Minister Shehbaz Sharif was not in the country.
At the last fortnightly review, the government increased the prices of all petroleum products despite a decrease in international oil prices.
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