Petroleum prices to be cut from 1st May 2020: Hafeez Sheikh
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ISLAMABAD: The price of petroleum products will drop from 1st May 2020, as the government had decreased by Rs 15 on March 25, said Advisor to the Prime Minister on Finance Dr Hafeez Sheikh.
“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 on a private TV programme.
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 advisor said 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.
He further said that the government won’t be hard on documenting the economy so that businesses can also propel.
“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.
Hafeez Shaikh said international financial institutions have started giving incentives to Pakistan in wake of COVID-19.
He said government gave a stimulus package in the current situation and has allowed construction sector to work to boost economic activity and generate employment opportunities.
He said we will have to make big decisions in agriculture sector soon including improvement in seeds, agri machinery and others.
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