Full impact of this decline will be realised on Dec 15 pricing, says finance ministry spokesperson
\n Islamabad
\nThe federal government has hinted at reducing petroleum prices in the country after oil prices in the international market witnessed decline on new coronavirus variant concerns.
\nThe oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could swell in the first quarter.
\nOil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand.
\nBrent crude settled down $9.50, or 11.6%, to $72.72 a barrel, a weekly decline of more than 8%.
\n\u201cAllah has been kind to Pakistan. Very timely drop in oil prices globally. Brent reduce to $72.91\/bbl. The full impact of this decline will be realised on Dec 15th pricing,\u201d Finance Ministry Spokesperson Muzammil Aslam said in a tweet on Saturday.
\nHe added, \u201cBut definitely it is big relief on imports & price pass through. Don\u2019t forget Govt is losing 50\/litre tax.\u201d
\nSimilarly, Information Minister Fawad Chaudhry while addressing a press conference in Islamabad said that the impact of the decline in international crude oil prices would be passed to consumers in a \u201cfew weeks\u201d.
\nIt may be noted that petroleum prices in Pakistan have touched an all-time high with petrol being sold at Rs146 per litre.<\/p>\n","protected":false},"excerpt":{"rendered":"
Full impact of this decline will be realised on Dec 15 pricing, says finance ministry spokesperson Islamabad The federal government has hinted at reducing petroleum prices in the country after oil prices in the international market witnessed decline on new coronavirus variant concerns. The oil prices plunged $10 a barrel on Friday, their largest one-day […]<\/p>\n","protected":false},"author":2,"featured_media":229710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[222,947,935,945,946],"class_list":{"0":"post-229693","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-government","9":"tag-hint","10":"tag-petroleum","11":"tag-prices","12":"tag-reducing"},"yoast_head":"\n