Petroleum prices in Pakistan lowest of oil importing countries: PM

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APP86-09 ISLAMABAD: October 09 - Prime Minister Shahid Khaqan Abbasi addressing at National Assembly of Pakistan. APP

ISLAMABAD, Oct 9 (APP):Prime Minister Shahid Khaqan Abbasi Monday apprised the National Assembly that the prices of petroleum products were the lowest in Pakistan as compared to other oil importing countries.

He was responding to a Calling Attention Notice in National Assembly moved by the lawmakers of the Muttahida Qaumi Movement regarding the increase in prices of petroleum products by Rs 4 per liter.
The prime minister said that fuel prices were fixed on monthly basis as cargoes of petrol and diesel reach every month.
He said that prices fluctuate on the basis of international prices and it was up to the government to shift the effect of prices or absorb it.
The prime minister said there was simple formula to calculate the prices of petroleum products here as international prices are fixed on monthly basis. “One can easily assume about the new prices each month on the basis of this formula,” he maintained.
He said that Pakistan had the lowest prices among all the oil importing countries and even 30 per cent lesser than the neighboring countries.
Prime Minister said that price of petrol was Rs 110 per liter in May 2013 which was very low today.
He said that government makes maximum efforts to absorb the effect of oil prices in international market and reiterated that the prices were comparatively lesser here.
The prime minister said that OGRA had suggested Rs 19 per liter increase in price of kerosene oil but it was increased by Rs 4 per liter and government absorbed the rest of the effect.