June 10, 2008	Tuesday	Jamadi-us-Sani 05, 1429

ISLAMABAD, June 9: Pakistan would have to align its domestic oil prices with international prices as persistent payment of huge subsidy on oil is no more sustainable for country’s economy.

“The epoch of cheap oil has passed, and Pakistan must devise short, mid and long-term strategies to absorb the sky-rocketing prices,” Pakistan Refinery General Manager Aftab Hussain told a TV channel.

He said Malaysia had recently increased its oil prices by 41 per cent while India also increased prices by 10 per cent.

“Now the situation in the country is the worst. The government is paying a sum of Rs44 per liter only on kerosene. Such a huge subsidy is not sustainable and cannot go any longer as it will have to be absorbed sooner or later,” he said.

To a question, he rejected the perception that refineries are minting money due to persistent oil price increase.—APP