New petroleum product prices announcement delayed by the govt

New petroleum prices announcement has been delayed by the federal government.

An increase or decrease in petroleum product prices is announced every fifteen days per month.

As reported, the announcement regarding the change in the prices of petroleum products faced a delay amid Prime Minister Shahbaz Sharif’s engagement in Uzbekistan where he is attending the Shanghai Cooperation Organisation summit.

According to the news source, the POL prices are revised fortnightly with the approval of the prime minister, however, due to his busy schedule the decision has been put on hold.

PM Shehbaz Sharif is currently in Samarkand attending the SCO Council of Heads of State (CHS) summit where he also held meetings with Russia’s Vladimir Putin, Turkey’s Recep Tayyip Erdogan, and others.

“The finance ministry is awaiting the prime minister’s directions. Once, the prime minister makes a decision on the summary sent to him, only then will the new prices be issued,” the sources said.

Meanwhile, Finance Minister Miftah Ismail who is also accompanying PM Shehbaz in a telephonic conversation with a news channel said Prime Minister Shehbaz Sharif will take the decision on the matter.

“The decision has not been made yet, I am with the PM. As soon as the Prime Minister gives instructions, the finance ministry will issue a notification,” the finance minister said.

The prime minister, finance minister, and other key figures are currently in Samarkand in connection with Shanghai Cooperation Organisation (SCO) summit.