Pakistan

'Soring international rates forced domestic petrol price hike'

Finance Minister says ever-soaring prices of petroleum products at the international level forced govt to take steps.

April 03, 2011

Finance Minister Hafeez Shaikh said on Sunday that the ever-soaring prices of petroleum products at the international level have forced the government to take unpopular steps.

Addressing the media after holding a meeting with leaders of the Muttahida Qaumi Movement (MQM), Shaikh said that the government did not want to shift the burden on the masses, but the soaring prices of petroleum products in the international market compelled them to increase prices domestically.

He said that the government is holding dialogues with all political parties to bring an end to the economic crisis.

Meanwhile, Interior Minister Rehman Malik said the government's policy of adopting austerity measures will be helpful in the future.

He said that the steps taken in this regard will result in saving as much as Rs25 billion.

COMMENTS (6)

KHWAJA MUHAMMED ASGHAR | 13 years ago | Reply The prices had to be increased gradually. The abrupt increase is un-just. the govt. did not needed 25 billions over night. the price of High speed Diesel at Rs.93.5 per litre is going to raise all prices especially the building materials and construction.

TypoCheck | 13 years ago | Reply I think you mean "soaring," not "soring." The latter is probably how the reporter feels, but surely he means the former.

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Meekal Ahmed | 13 years ago | Reply This "crisis" is externally generated. ALL oil-importing countries are struggling to cope and the global economy will be hit as well by lower growth and higher inflation. Pakistan is part of the global economy. It cannot insulate itself. It cannot subsidize oil endlessly. Discussing these matters is pointless. The rich will want to keep their subsidies and drive their gas-guzzlers. . Full pass-through with compensating cash transfers to poor households. That's the only way.

Abdul Ali | 13 years ago | Reply Government is minting money levying taxes,surcharge etc on petrol,diesel etc The problem is neither the members of parliament nor press does any investigation into true break up of price structure. As a starter, the government should cancel all petrol quota for Ministers and senior grade 19,20,21,22 officers.Then they would realise how much it hurts

ba ha | 13 years ago | Reply .....""He said that the steps taken in this regard will result in saving as much as Rs25 billion.""" Save 50 billion... fire five ministers today

vortex | 13 years ago | Reply very soring

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