Karachi: Government of Pakistan reduced recent price hike of petroleum products by 50 percent after the successful talks with Muttahida Qaumi Movement (MQM) on late Thursday night.
Federal Finance Minister Hafeez Shaikh announced while addressing a joint press conference at Governor House in Karachi. He said in the first phase, recent price hike in petroleum products has been reduced by 50 percent that raised by 9.9 percent three days ago.
Shaikh said that government would reduce further price in petroleum products soon. He said petroleum prices have been increased by 26 percent in the world after recent turmoil in the Middle East countries.
MQM’s MNA Farooq Sattar appreciated the decision of the government, saying the decision would be beneficial for masses. He said all the issues could be resolved with consensus.
Federal Interior Minister Rehman Malik said that the decision of price hike by 9.9 in petroleum product was very tough for the government but was compulsory.
He hoped that transporters would take the decision of strike back after the decision.
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