KARACHI, March 25: Railway fares would not be increased despite a continuous hike in oil prices internationally.

This was stated by railway minister Ghous Bux Mahar while talking to members of the Karachi Chamber of Commerce and Industry on Tuesday.

He said due to increase in petroleum prices, railways had been bearing an additional burden of Rs3 billion annually.

The minister announced the setting up of a container terminal for railways at Port Qasim, and said the railway land would be leased out to generate funds for retiring its debt.

The minister said imported goods would be discharged at the container terminal from where the goods would be transported to the up-country. It would help improve economic conditions of the railways.

He said though the recent accounts will be out next month, but up to December 2002 (first six months of current fiscal), Pakistan Railways had turned around and earned a profit of Rs 500 million.

He said the Pakistan Railways was 60 years behind the modern railway system. To improve the situation, Ghous maintained that railways had placed orders for import of 1,300 wagons, including cargo and passenger coaches, against a need of 3,000 to 4,000 coaches.—PPI