Shehbaz wants government to bring down petrol price to Rs70 per litre

LAHORE: PML-N President Shehbaz Sharif on Thursday demanded petrol price be set at Rs70 per litre, stressing that it will not have any negative impact on the government especially as international oil prices have sunk tremendously.

The underprivileged people should be taken care of, Shehbaz said, adding that labourers, daily-wagers, and people from the lower-middle-class deserved help.

“Traders, industrialists, and the business fraternity have always played a key role during trying times and now, in the current crisis, we have to help and guide them,” he added.

The PML-N leader explained that after having discussions in light of the ongoing pandemic, his party had set up a plan of action, which he claimed will help the public get rid of its present woes.

Oil prices have experienced a steep decline owing to the pandemic causing worries in the global markets, coupled with the output war between Saudi Arabia and Russia.

A day prior, Saudi Arabia had boosted its oil supply to over 12 million barrels per day (bpd), according to industry insiders and international media outlets, giving rise to fears of an imminent price war. The move came as a global agreement between the OPEC and Russia expired and the Kingdom chose to ignore US President Donald Trump’s offer to mediate.

Late last month, as the worldwide coronavirus cases shot to more than 700,000 — they are almost a million, as of reporting time — crude oil struck the lowest levels in more than 17 years, with Brent North Sea tumbling to $22.58 per barrel at one point.

There are warnings that oil could sink even further as storage tanks around the world approached full capacity.