Says oil prices to up further before June 30
ISLAMABAD
Minister for Energy Engineer Khurram Dastagir Khan has said that the government is working efficiently to meet the energy needs of the country and Prime Minister Shehbaz Sharif will announce a comprehensive plan for this sector.
Addressing a news conference on Monday, the energy minister said the coalition cabinet is taking all possible steps to resolve issues being faced by the general public.
He said that due to financial issues, the country is suffering from an energy crisis as the country is facing Rs2,460 billion of circular debt in this sector. He said the government is taking bold steps to reduce its dependence on expensive imported fuels. He said that the technology being used in coal plants will be changed and Pakistan’s energy needs will be met by hydro, Thar coal, solar and wind.
Replying to a question, the minister said that no proposal is under consideration to increase electricity prices next month. He said that next general elections are expected to be held in October next year.
Separately, Khurram Dastgir Khan while talking to a private television channel on Sunday night said that the government will further hike petroleum product rates before June 30.
“The next price hike is expected to be announced before June 30, because our public finances are in a dire state,” said Dastgir. The remarks come just days after the government increased petroleum products’ prices by Rs30 per litre in an effort to revive the International Monetary Fund (IMF) programme.
Dastgir said that the decision of increasing petroleum product rates was crucial in order to curb the growing current account deficit. “It is with a very heavy heart that the decision was taken by the government, as we need to reduce our deficit”
“On a daily basis, millions of litres of petroleum products are consumed, the government was incurring losses to the tune of Rs102 billion per month due to petroleum product subsidy. Therefore, Prime Minister Shehbaz Sharif after consulting his allied partners decided to reduce the subsidy and increase funding for the direct relief measures for the public,” said the minister.
