Govt mulling targeted subsidy on POL, says Shaikh | Pakistan Today

Govt mulling targeted subsidy on POL, says Shaikh

ISLAMABAD – Finance Minister Dr Abdul Hafeez Shaikh on Friday said the government was considering giving targeted subsidy on the petroleum products to the low income groups.
Talking to media at the golden jubilee celebration of Institute of Charter Accountants of Pakistan (ICAMP), the minister said the proposal would be considered for implementation if the prices of petroleum products go up further in the international market.
“Presently even the rich who could afford the increase are benefiting from the decrease in the petroleum prices,” he added. On the withdrawal of increase in the POL prices, he said the government wanted to take decision through broader political consensus and to strike a balance between decision-making and people’s aspirations.
However, he stressed that the political leadership should avoid playing politics on the economic issues. Shaikh said it was very easy to talk about corruption and inflation but the forces that highlighted these issues just for their political sake must be aware of the fact that it was only the present government, which had taken solid steps for eliminating corruption from every tier.
He said for the first time in Pakistan; the federal government gave more then 400 billion to the provinces for their development. And it was now the responsibility of the respective provincial chief ministers to ensure the efficient use of the money.
OGRA issues notification
ISLAMABAD – The Oil and Gas Regulatory Authority (OGRA) has issued the notification of a 50 percent decrease in the recently increased prices of petroleum products with effect from today (Saturday). Finance Minister Abdul Hafeez Shaikh announced the price cut late on Thursday night and said a notification would be issued on Friday.
According to the notification, petrol, diesel, kerosene, and HOBC prices have been decreased by Rs 3.61, Rs 3.88, Rs 3.50 and Rs 4.29 per litre respectively. Staff Report



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