Petrol hits record high as price increased beyond OGRA advice
Oil prices in Pakistan are still the lowest in the region, Federal Minister for Information Fawad Chaudhry tweeted today.
Petrol prices hit a record high on September 14 when the federal government increased the prices of petroleum products by up to Rs5.92.
The government had increased the price of petrol beyond what was recommended by the Oil and Gas Regulatory Authority.
After the announcement social media was scathing.
In a reply of the tweet, Fawad Chaudhry said, “Oil wells have not been drilled in three years, so when it comes to buying oil from other countries, prices will go high. The same principle applies to other imports.”
He said Pakistan’s purchasing power was better than India’s. However, the problems of the salaried class cannot be ignored and 60% of the population was associated with agriculture and they had received a Rs1,100 billion raise in their salaries.
The industry and development sector’s salaries increased as well and the wages of masons and labourers had tripled, he said.
The federal minister said the achievement was that the income of 75% of the population had also increased significantly.