ECC to take up issue of petroleum prices: Omar Ayub

ISLAMABAD, April 30 (APP):Minister for Petroleum Omar Ayub Khan Tuesday said the Economic Coordination Committee (ECC) will take up the issue of petroleum products prices in detail in view of the rising prices in the international market.
In a policy statement at the floor of the lower house, he said Prime Minister Imran Khan during a cabinet meeting had decided to send the issue of petroleum products prices to ECC for further deliberation and till then the prices would remain the same.
The Oil and Gas Regulatory Authority had recommended an increase of Rs14.37 in the per liter price of petrol as in the international market the price of petroleum products had increased.
He said during the last month the price of oil was at $67 per barrel, which had increased to $76 per barrel presently.
The minister said due to sanctions on Iran, price of petroleum products was expected to rise further.
He said at present the price of petroleum products in Pakistan was less as compared to the prices in the region.
He said Pakistan Tehreek-e-Insaf government had not passed on about Rs150 billion of burden to the masses after increase in petroleum products.
The minister said total circular debt had reached Rs1,400 billion due to wrong polices of the previous governments.
He said circular debt of the gas companies had also reached Rs180 billion.