Government to announce decrease in oil prices today
Saturday May 02, 2020
Islamabad: The federal government is expected to announce a decrease in oil prices today (Friday), a news source reported. Previously, Advisor to Prime Minister (PM) on Finance Dr Abdul Hafeez Shaikh had stated that the government intended to provide the benefit of globally reduced oil prices to domestic consumers through a formal announcement on May 1. Read: Crude oil rates fall negative in US, plummet in international markets Shaikh highlighted that the cost of transport and energy would reduce in the country, in the early weeks of May, after the government made the important announcement. He also expressed his regret that the COVID-19 pandemic has put a significant dent in the progressing Pakistani economy. Read: Savings on petroleum import; govt mulls bringing prices down However, he said that the improved relations with the International Monetary Fund (IMF) and other global lenders have been a ‘blessing in disguise’ as these institutions have aided the country by relaxing the debt servicing terms during this crisis.
