ISLAMABAD: Prime Minister Shehbaz Sharif sought a summary from finance and petroleum ministries to suggest a reduction in petroleum prices in the wake of falling global crude oil rates and a few days ahead of Punjab by-elections.

“I have ordered the ministries of petroleum and finance to pass on the reduction in the prices of POL [petroleum, oil and lubricant] products in the international market to people. They have faced economic difficulties and the relief is their right,” the premier tweeted late on Tuesday.

The decision, according to Information Minister Marriyum Aurangzeb, was made in a meeting chaired by the prime minister and att­ended by senior officials of the Oil and Gas Regula­tory Authority and other min­istries and departments.

According to Reuters, global benchmark Brent crude plunged $7 to below $100 a barrel on Tuesday on the back of a strengthening dollar, demand-sapping Covid-19 curbs in top crude importer China, and rising fears of a global economic slowdown.

A senior official of an oil marketing company siad he expected a Rs15 and Rs30 per-litre decrease in petrol and high-speed diesel prices “if the government does not increase petroleum levy or impose GST on these fuels”.

“But these are these are tentative numbers and the prices will be clear by Wednesday (today) evening,” he said.

Finance Minister Miftah Ismail also said on Tuesday the summary to reduce petroleum prices would be forwarded to Prime Minister Sharif on Wednesday for necessary action.

“After receiving the summary from the petroleum division, we will try to send it to the PM House,” Mr Ismail told a private television channel.

The premier sincerely wanted to give the benefits of low petroleum prices in the international market to people without any delay, the finance minister said.

The PML-N-led coalition government has been increasing petroleum prices since the last week of May as it slashed fuel subsidies to unlock IMF funding.