Pak­istan has low­est fuel prices in re­gion, says Shahid Khaqan

The Pak Banker - - NATIONAL -

Min­is­ter for Pe­tro­leum and Nat­u­ral Re­sources Shahid Khaqan Ab­basi Fri­day cat­e­gor­i­cally said that the govern­ment did not earn a sin­gle ad­di­tional penny on ac­count of price re­duc­tion in pe­tro­leum prod­ucts at in­ter­na­tional level. He said Pak­istan's pe­tro­leum prod­ucts prices are still

the low­est as com­pared to other coun­tries of the world. He was con­clud­ing a two-day de­bate on the mo­tions for not pass­ing on ben­e­fits to peo­ple and fur­ther bur­den­ing gas con­sumers levy of Rs 101 bil­lion in the coun­try.

The min­is­ter said that the govern­ment has passed on ben­e­fit of Rs.41 per liter to peo­ple so far on ac­count of re­duc­tion in pe­tro­leum prices in the in­ter­na­tional mar­kets. He said there was a clear di­rec­tive of the Prime Min­is­ter to pass on the ben­e­fit on masses. Giv­ing the com­par­i­son of petrol prices with other coun­tries of the re­gion, the min­is­ter said cur­rently the prices of petrol in In­dia is Rs. 100 per liter and Rs 130 per liter in Bangladesh while in Pak­istan its prices are Rs.71.25 per liter.

He said in­ter­na­tional oil mar­kets did wit­ness a sig­nif­i­cant re­duc­tion in the prices of pe­tro­leum prod­ucts from $ 120 per bar­rel to $ 35 per bar­rel since Fe­bru­ary 2014. The govern­ment had been charg­ing Rs. 25.78 tax on pe­tro­leum prod­ucts when its prices were $ 120 per bar­rel and now al­most same Rs. 25.59 tax was be­ing charged in the coun­try. He said all de­vel­oped and Euro­pean coun­ties earned ma­jor chunk of their in­come from tax­a­tion on pe­tro­leum prod­ucts. Shahid Khaqan said the Sindh As­sem­bly had also passed a res­o­lu­tion to fix petrol prices at Rs 40 per liter. How­ever, he pointed out that "petrol is not even avail­able at Rs 40 per liter in the ex­port­ing coun­tries''.

He said the govern­ment has adopted a pru­dent pol­icy in this re­gard and its prices were low­est as com­pared to other im­port­ing coun­tries. The min­is­ter re­futed the Op­po­si­tion par­ties' al­le­ga­tion that the govern­ment was go­ing to over­bur­den gas con­sumers with Rs 101 bil­lion and said that no ad­di­tional tax was im­posed on the con­sumers.

He said that the gas sys­tem was be­ing aug­mented through which it would be trans­ported to the con­sumers at a cost Rs 140 bil­lion. He said that un­for­tu­nately no new pipe­line was laid by any past govern­ment adding that power plants, fer­til­iz­ers in­dus­tries and CNG sec­tor, run­ning on gas, had been closed. The en­ergy cri­sis could not be over­come with­out the avail­abil­ity of ad­di­tional gas and ad­dress­ing gas-re­lated is­sues, he added.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.