PAC recommends reducing petroleum prices

ISLAMABAD: Public Accounts Committee (PAC) Chairman Noor Alam Khan on Wednesday recommended the government to reduce petroleum prices in view of falling prices in the global market. 

In this regard, Chairman Noor Alam Khan, during a meeting of the committee, said that prices of oil in the world market had fallen twice whereas the government had hiked prices.

He requested the Ministry of Finance, Petroleum Division and the government to provide relief to the people by reducing POL prices.

It may be mentioned that world oil prices spiraled lower on Wednesday over fears that a potential recession will slash demand, with Brent crude sinking under $100 per barrel.

Europe’s benchmark crude contract, Brent North Sea, dropped 3.3 percent to $99.39 per barrel in mid-afternoon deals, while US counterpart WTI oil also fell 3.3 percent to stand at $96.12.

Prices had already tumbled Tuesday on concern that a slowing global economy will dent demand for petroleum products, with WTI breaching the key $100 level.

Citi analysts have forecast that Brent could strike $65 later this year in the event of a prolonged worldwide economic downturn.

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