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Rabbani asks govt to cut petroleum prices

PPP Senator Raza Rabbani. — File photo
PPP Senator Raza Rabbani. — File photo

ISLAMABAD: PPP Senator Raza Rabbani has asked the government to reduce the prices of petroleum products to provide relief to people during Ramazan.

In a statement on Saturday, Mr Rabbani said oil companies and dealers had already earned an additional profit of about Rs360 million in the wake of a controversial decision during the last days of the PPP government. In February, the Economic Coordination Committee of the cabinet had decided to increase the margin of oil companies and dealers by 25 paisa and 41 paisa per litre.

He said the ECC had called for a detailed study to be carried out within three months for a revision in the margin of oil companies and dealers. The interim period for the study ended on May 31, but oil companies continue to enjoy the enhanced profits illegally.

Senator Rabbani expressed concern over a fresh summary sent by the petroleum ministry to the ECC, seeking an extension in the current margin for another four months as an interim arrangement. This collusion between the bureaucracy and the cartel of oil companies was at the expense of the common man, said the senator.

He said most oil companies made huge profits at the cost of Pakistani people and then transferred this profit out of Pakistan.