Minister defends oil price hike

March 7, 2018

ISLAMABAD: Federal Minister for States and Frontier Regions (SAFRON) Lt General (Retd) Abdul Qadir Baloch Wednesday informed the Senate that petrol prices in Pakistan was less as compared to India, Sri Lanka, Nepal and Bangladesh.

He said this while responding to a calling attention notice moved by Senator Sherry Rehman regarding a recent increase in the prices of petroleum products.

Baloch said that oil prices in India as per Pakistan currency was Rs 126.94 per litre, Sri Lanka Rs 91.33, Bangladesh Rs. 117.94, Nepal Rs. 110.33 while it is Rs 88.07 per liter in Pakistan.

“The prices of petroleum products are linked with international market. If the price drops internationally, local consumers get its benefits,” he added.

He dispelled the impression that any new tax had been imposed on petroleum products.

The minister also rejected a demand to give subsidy on petroleum products. “Only stable economies are awarding subsidy on oil prices” he added.

The federal government has approved an increase of up to Rs6 per litre in the prices of petroleum products for the month of March.

The price of petrol has been increased by Rs3.56 per litre, climbing to Rs88.07 from Rs84.51, and that of kerosene by Rs6.28 per litre, climbing to Rs76.46 from Rs70.18 per litre — the highest since October 2014 due to increased rates in the international market.

The price of High-Speed Diesel (HSD) has been jacked up by Rs2.62 per litre to reach Rs98.45 from Rs95.83 per litre. The price for Light Diesel Oil has been increased by Rs1.00 per litre to reach Rs65.30 from Rs64.30 per litre. – SAMAA/AGENCICES




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