Shah hints at increase in petroleum prices- Topic: Oil and Gas News

After presiding over the 3rd meeting of the Task Force on Public Private Partnerships at Ministry of Finance, the Advisor said that the current level of oil prices is dangerous for global economy as well as for Pakistan and hoped that the current level which he termed as historic would come down. The federal government in the budget for current fiscal year 2007-08 has allocated Rs 15 billion to subsidise the petroleum products’ prices and to save the public from adverse impact of high oil prices. However, it would not be easy for the government to continue to subsidise the petroleum products’ prices beyond two to three months if current oil prices continue in the time to come. Experts are of the opinion that the government would not increase petroleum products’ prices despite the increase in oil prices in the international market due to political gains it is aiming at during presidential elections scheduled for October 6, 2007 and general elections to be held later during the year or during the first quarter of the next calendar year. read more

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