Senate body urges govt to cut oil prices by Rs10 per litre

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The senate standing committee on finance Wednesday proposed the government to cut petroleum products’ prices up to Rs 10 per litre to give relief to the poverty- and inflation-stricken masses.

The committee, which met on Wednesday, discussed the working and performance of Competition Commission of Pakistan (CCP). During the meeting, the committee members urged the government to pass on the impact of declining trend in oil prices in international market to the people and industry.

The committee members emphasised that the decline in oil prices should be to the same proportion as decline in oil prices in international market. The committee proposed the government to ask the CCP to press Oil and Gas Regulatory Authority (Ogra) for considerable cut in oil prices.

It is to be mentioned here that Prime Minister Nawaz Sharif has already announced that oil prices would be decreased next month.