Islamabad: Pakistan Prime Minister Syed Yousuf Raza Gilani has directed its finance and petroleum ministries to begin working on the formula to decrease the recent price hike in petroleum products to provide relief to the people. The reduction is expected to take place before next session of National Assembly.
An inter-ministerial meeting would be held on April 5 to adopt strategy in which ministers and secretaries of Finance, Economic Affairs, Petroleum and Water & Power would participate. The meeting will take review the recent price hike of petroleum products by 9 to 13 percent.
The meeting would discuss the future line of action and after the meeting the government would take political parties into confidence.
Sources said that the prime minister has asked Finance Minister Hafeez Sheikh to prepare the formula of reduction in oil prices and government would cover-up the loss by giving subsidy to the people.
The sources said the ministry of petroleum may reduce the current price hike by 40 to 50 percent like previous month but the is not in the favour of the proposal because by doing so, government has to take extra burden of Rs 5 to 7 billion.
On the other hand Gilani has assured his coalition partners including Muttahida Qaumi Movement (MQM) and Aami National Party (ANP) that the price of petroleum products would be reduced before the start of next national assembly session.
It is worth mentioning here that opposition has already submitted privilege motion against the recent price hike in cost of petroleum in the national assembly secretariat.
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