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Petrol prices to drop from May 1, says Hafeez Sheikh

Advisor to the Prime Minister on Finance Dr Hafeez Sheikh has said the price of petroleum products will drop from May 1.

“Once the cost of petroleum products decreases, the cost of traveling and investment in the energy sector will be reduced as well,” Dr Sheikh said while speaking to a private news outlet Tuesday.

On March 25, the federal government announced that it would be reducing the prices of all petroleum products by Rs 15 per litre for three months.

This continuous price reduction is happening because US oil prices have been nose diving ever since the coronavirus pandemic broke out as companies are failing to store more oil due to lack of demand.

The finance aide added that a fresh budget, the ‘corona budget’, will be presented in the first week of June and will help all business sectors to revive their profits.

“The government won’t be hard on documenting the economy so that businesses can also propel,” he said.

“The coming two to three months will be hard financially, and for that we want private companies to play their role.”

Dr Sheikh added that the country will have to increase its exports, provide more investment opportunities and get in touch with other countries to deal with the financial losses it has suffered due to the lockdown.



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