‘Since Pakistan imports oil, so its price increases with world market price’
ISLAMABAD: The federal government has decided to increase the existing prices of petroleum products with the increase in the world market.
According to a notification issued by the Finance Division, the price of petrol has been increased by rupees five per liter so the new price will be 123.30 rupees per liter, High Speed Diesel increased by 5.01 rupees so the new price will be rupees 120.04 per liter.
The price of Kerosene Oil has been increased by 5.46 rupees per liter so the new price will be 92.26 rupees per liter, whereas Light Diesel Oil price has been increased by 5.92 rupees per liter so the new price will be 90.69 rupees.
The new prices are being implemented from Thursday (today).
Meanwhile, Minister for Information and Broadcasting Chaudhary Fawad Hussain on Thursday said oil prices in Pakistan were still the lowest in the region.
“The country imports oil, hence, its prices will go up when these increase in the world market,” he said in his tweets. “This is the principle for the rest of imports,” he maintained.
He said the real achievement was that the income of 75 percent of our population had also increased significantly.
Chaudhary Fawad Hussain said our purchasing power was better than that of India.
Acknowledging the difficulties of salaried class, he said our sixty percent of population was engaged with agriculture sector which had received an additional income of eleven hundred billion rupees.
He said income of millions of people associated with the construction and industries had also increased.
On August 17, the government had announced its approval of the petroleum exploration and development (E&P) companies in the public sector for a $400 million exploration endeavor in Abu Dhabi, United Arab Emirates.
Shaukat Tarin, the Finance Minister, had led the meeting of the Economic Coordination Committee (ECC) of the Cabinet, which permitted E&P for exploration.