Petrol prices in Pakistan to drop from 1 May: Hafeez Sheikh

ISLAMABAD: Petrol prices in Pakistan will drop further from 1 May according to the Advisor to the Prime Minister on Finance Dr Hafeez Shiekh.

This continuous drop in petrol prices and other petroleum products is because US oil prices have been falling ever since the coronavirus outbreak as demand for oil has decreased and companies don’t have enough storage for more oil.

Petrol price was also reduced by Rs. 15 on 25 March 2020 and the government said that the price would be maintained for three months or reduced further.

The Advisor while speaking to a media outlet said:

Once the cost of petroleum products decreases, the cost of traveling and investment in the energy sector will be reduced as well,

He also said that a fresh “corona budget” will be introduced in the first week of June that will help businesses to propel and revise their profits after the affects of the lockdown.

Dr Sheikh mentioned that the coming months are going to be financially hard and the private sector companies need to play their role.

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