POL prices to remain unchanged during next month
Finance Minister says the country has foreign exchange reserves worth 16 billion dollars.
Minister for Finance Ishaq Dar has announced that on instructions of the Prime Minister, the prices of petroleum products will remain unchanged during next month.
Addressing a news conference in Islamabad on Friday evening, he said OGRA has recommended an increase of 5.59 rupee per liter in the price of motor spirit; 12.62 rupees in hi-octane, 7.32 rupees in kerosene oil and 5.50 rupees per liter in diesel. It had recommended 5.49 rupee a liter reduction in the price of high speed diesel.
The Minister said the Government would complete necessary legal and constitutional requirements by tomorrow to ensure that prices remain the same during March.
The Finance Minister said that the country has foreign exchange reserves worth 16 billion dollars, enough to meet import requirements for fourteen months.
He said this is a major achievement if seen in the backdrop of foreign exchange reserves of only three/four weeks import needs of the country when the present Government took over.