The Petroleum Prices Remain Same for May 2017 – Research Snipers

The Petroleum Prices Remain Same for May 2017

Background

Recently Oil and Gas Regulatory Authority recommended an increase in the prices of all petroleum products. This, and prices of petroleum for the month of May were discussed by Mohammad Ishaq Dar in a recent press conference.

Points discussed by Mohammad Ishaq Dar

Mohammad Ishaq Dar, who currently holds the position of Minister for Finance and Revenue announced that the prices of petroleum would remain same for the month of May as per the decision by the government.

Read: Suzuki increased Mehran Prices  

The minister further said that the government would offer cash subsidy as a compensation for the common man on the petroleum products. Declaring it in the press conference, he clearly stated that the summary that was given by Oil and Gas Regulatory Authority is not certified by the government.

Prices of Petroleum for May 2017

The statistics remain unchanged, with light diesel and kerosene having the same prices of Rs. 44 per liter, petrol Rs.74 per liter and High Speed Diesel Rs.83 per liter respectively.

On behalf of government the Minister further said that the government had to soak up the loss in revenue of Rs. 110 billion because of the subsidy provided to the people on petroleum product in the current year.

Question Mark

The economy of Pakistan has undergone severe changes, especially in terms of petroleum products and its ever increasing prices. The government taking a step and not increasing the prices of petroleum products for the month, is it a step towards betterment or just a political tactic? This remains a question mark.

Related: Pakistan’s economy expected to rise by 5.2% in 2017