ISLAMABAD - The Chairman Public Accounts Committee Noor Alam Khan has recommended that the government should reduce the prices of petroleum products immediately after a decrease in the international market.

A meeting of the PAC chaired by MNA Noor Alam Khan was held at the Parliament House in which a matter related to the reduction of petroleum prices came under discussion.

He said that prices of petroleum products have reduced significantly in the international market however; the government further increased the petrol price by Rs15 per litre last week, instead of decreasing.

He urged the ministries of finance and energy to take necessary measures in this regard and reduce the prices immediately which was also supported by other members of PAC as well including members belonging to the treasury.

Speaking on the occasion, Sheikh Rohail Asghar of the Pakistan Muslim League-Nawaz (PML-N) said that the reduction in the international prices is equivalent to Rs50 per litre, which should be passed on to the public.

It is pertinent to mention here that oil plummeted about 9 percent on Tuesday in the biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand.

Urges ministries of finance and energy to take necessary measures and reduce prices immediately

However, prices rose on Wednesday, clawing back some of Tuesday’s heavy losses as supply concerns returned to the forefront and outweighed lingering worries over a global recession.

Brent crude futures rose by $1.62, or 1.58 percent, to $104.39 a barrel at 0839 GMT. US West Texas Intermediate (WTI) crude climbed $1.04, or 1.05%, to $100.54 a barrel after closing below $100 in the previous session for the first time since late April.

Meanwhile, the PAC Chairman also expressed his anger over absence of Special Secretary Finance from the meeting. He was informed that the special secretary was in a meeting with the Prime Minister but the PAC Chairman did not accept the excuse and directed to recover the expenses incurred on the meeting from the salaries of the special secretary and governor state bank of Pakistan.

Later, he postponed the meeting without taking up the regular agenda items due to absence of relevant officers.