Prices of petroleum products will drop from 1 May 2020 - Dr Hafeez Sheikh, Advisor to the PM on Finance

Once the cost of petroleum products decreases, the cost of traveling and investment in the energy sector will be reduced as well, Advisor to PM on Finance Doctor Hafeez Sheikh said while speaking with media. On March 25, federal government cut petrol price by Rs 15 per litre and said it would maintain that level for three months or even reduce it further. 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. He added that a fresh budget, the ‘corona budget’, will be presented in the first week of June and will help business sectors to revive profits. The government won’t be hard on documenting the economy so that businesses can also propel. He said that the coming two to three months will be hard financially, and for that we want private companies to play their role.