The government decided to keep oil prices unchanged from 1st November 2016 amid increasing political pressure building up in the capital.
Following an uptick in the international price, the Oil and Gas Regulatory Authority (OGRA) had recommended an increase in the range of 2.8% to 15.6% for the month of November.
However, Finance Minister Ishaq Dar announced to keep oil prices unchanged during a press conference as the government looks to settle the nerves of the public currently rattled by the ongoing political chaos in Islamabad. The finance minister said the government would bear a revenue loss of around Rs 3.5 billion due to its move of keeping oil prices unchanged.
At present, the administration is faced with a stiff protest from Pakistan Tehreek-e-Insaf (PTI) that has announced to march to the federal capital. The opposition party wants the country’s premier to present himself for accountability in the wake of the Panama Papers or step down from his post. The government, in its attempt to appease the masses, has hence decided not to pass on the price-increase.
from The Express Tribune
Responsible for delivering local & international automotive news.