In question hours, he said that the prices of petroleum products are linked with PSO's actual imports and international Arab Gulf (AG) market.
Sharing the price of petroleum he said, price of petrol price in India Rs 98.63, Sri Lanka Rs 91.82, Bangladesh Rs 113.72, Nepal Rs 90.72 and Pakistan 64.27.
The minister said Diesels price in Indian is Rs 85.20, Sri Lanka Rs 68.15, Bangladesh Rs 83.05 Nepal Rs 68.27 and Pakistan Rs 72.52.
Abbasi said during the continuously decreasing trend of oil prices in international market, its benefit is being transferred to the consumers in the country, after adjustment of applicable taxes.
He said it has been globally observed that due to reduction of oil prices in the world, the government's revenue in various countries has also been impacted/ reduced. Therefore entire impact of price reduction is not passed on to the consumer.
He said, the GoP has also passed on benefit of price decrease to consumer as well as retained partly through tax rate as announced by FBR to meet shortfall in budgetary target.