Pakistan’s petroleum products’ prices lowest in South Asia: Omar Ayub

Staff Reporter

 

ISLAMABAD: Minister for Power and Petroleum Omar Ayub Khan on Saturday informed the National Assembly that despite current increase in the price of petroleum products, the fuel was still cheaper in Pakistan than in subcontinent and South Asia.

Responding to various points raised by the legislators of the opposition regarding the current increase of the petroleum products, he said, “Petrol prices in Pakistan are still the lowest in the subcontinent by a wide margin.”

He said that in January, the petrol was Rs 116.60 per liter and diesel was Rs 127.26 per liter and then it was reduced by Rs 42 per liter and diesel by Rs 47 per liter on January 1.

Now the petrol was increased by Rs 25 per liter but it was still Rs 17 per liter cheaper than in January, he added.

He said diesel was increased by Rs 21 liter but was still Rs 26 liter cheaper than what it was in January.

The minister said the international price of oil had risen sharply in the last one month. The rupee had also weakened by Rs two to three rupees.

He said the price of OPEC basket of petroleum products increased by 46 percent last month. The minister said that the present government passed on the benefit of reduction in international oil prices to the consumers. He said, “we will move forward as per the fluctuation in the international oil market.”

He said that petrol prices were higher in Bangladesh, India, China and other countries of the region than Pakistan even after the price revision.

Omar Ayub further said that government had improved power transmission system which now had capacity of more than 26,000 MW. Minister said loadshedding had been eliminated and currently it was being carried out only in feeders where losses were high. He said our focus was now on bringing improvement in the distribution and transmission system. “We are pursuing clean and green projects in the energy sector”, he added.

He alleged that the previous government had established expensive power plants. He said that the government was working to improve the energy mix.  was the net importer of petroleum products, he said adding the government inherited high current account deficit and fiscal deficit.

He said Prime Minister Imran Khan himself asked for an investigation into the sugar crisis and directed for action against those responsible.