Islamabad: Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh has said that the government is likely to announce a reduction in the prices of petroleum products on May 1, according to news sources.
Dr Shaikh said that there has been a historic decline in the prices of petroleum products in the global market. He added that petrol and diesel have been reduced by PRK 15 per litre in the last month alone.
Furthermore, Dr Shaikh said that the decrease in petroleum prices will lead to reduced cost of transportation that will lead to some price reduction in all essential commodities.
The advisor reiterated that before the impact of coronavirus pandemic, Pakistan economy was headed towards a positive direction. The currency was improving and current account deficit was reduced from PKR 20 billion to PKR 3 billion, he added.
Dr Shaikh has also revealed the Pakistani allies have express willingness to offer concessions and shown flexibility. He said that by enhancing business relations with other countries the economic growth is possible.
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