LAHORE: Federal Minister for Information and Broadcasting Attaullah Tarar has said that under the prevailing circumstances, Prime Minister Shehbaz Sharif had taken timely decisions to replenish the country’s oil reserves.
He said this while addressing a joint press conference along with Federal Minister for Petroleum Ali Pervaiz Malik here on Saturday.
Tarar said that the prime minister had directed the Ministry of Petroleum in this regard, and the Minister for Petroleum, Ali Pervaiz Malik, along with his entire team, worked hard to avoid an oil shortage in the country.
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He added that many countries in the region were following fuel rationing mechanisms. However, by the grace of Allah, the Almighty, Prime Minister Shehbaz Sharif formed a committee and held daily review meetings, which ensured reasonable oil reserves in the country.
He further stated that oil cargoes for the future were also being arranged, as informed by the Petroleum Minister. He said that the absence of a fuel shortage does not mean that resources should be misused. Available resources are very expensive, and Gulf oil prices are skyrocketing, having increased from USD70 per barrel to USD158 per barrel. Pakistan is also facing the impact of this rise in oil prices.
The minister said that oil prices in Pakistan are determined in line with international market prices. He added that significant efforts were made to ensure that no additional burden was passed on to the public after the initial increase of Rs 55 in petrol price. He said that austerity and simplicity would be adopted, and the government would try its best not to burden the people. All the austerity measures announced by the Prime Minister are being implemented.
The Information Minister said, “We are responsible for our respective ministries and are implementing austerity measures.”
Earlier, the Federal Minister for Petroleum, Ali Pervaiz Malik, said that the entire region was embroiled in conflicts. He said that just three weeks ago, crude oil prices in the Gulf were USD70 per barrel, which increased to USD170 per barrel, and stood at USD160 per barrel on Friday.
He added that in a few weeks, oil prices had increased by more than two to three times. He further said that diesel prices had also risen significantly. Keeping in view this situation, the incumbent government under the leadership of Prime Minister Muhammad Shehbaz Sharif decided to slightly pass on the increased prices to the market.
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