Petroleum prices in Pakistan cheapest among other regional economies: Faraz

Petroleum prices in Pakistan cheapest among other regional economies: Faraz
Islamabad: Federal Minister for Information, Shibli Faraz has said that Pakistan is still selling the fuel at a comparatively lower price than other regional economies.

Taking to twitter following the hike of petroleum prices by up to nearly Rs. 25, Faraz said that the decision was taken in view of the rising oil prices trend in the global market.

“Coronavirus pandemic has affected economies around the world. Internationally, we have not seen such a massive increase in the prices of petroleum products. The decision to revise the prices of petroleum products upwards in Pakistan was taken in view of the rising oil prices trend in the global market,” he wrote on twitter adding,

However, Pakistan is still selling the fuel at a comparatively lower price than other regional economies.The welfare of the people is our first priority and we will keep trying to provide them relief.”

The federal government on Friday raised prices of petroleum products. The new price of petrol is Rs100.10 per litre.

The Ministry of Petroleum has sent recommendation to the government to increase the prices.

An increase of Rs25.50/litre has been approved in petrol price. The government also increased price of high speed diesel by Rs 21.31.

Similarly, the price of kerosene oil has been surged by Rs23.50, while an increase of Rs17.84 has been approved in light speed diesel price.