Govt decides to slash oil prices by 50pc

ISLAMABAD: Federal Finance Minister Abdul Hafeez Sheikh said the government has decided to curtail the prices of petroleum products by 50 percent.

Talking to media after holding meeting with a delegation of Muttahida Qaumi Movement late Thursday night, he said the petroleum products surged 26 percent at international level.

The federal finance minister said the notification in this connection would be issued tomorrow after eliciting formal approval from Prime Minister Syed Yousuf Raza Gilani.

Later, Muttahida leader Farooq Sattar urged the government to focus those sectors which were long neglected in past and that the tax net should be widened, adding the party succeeded in winning relief for the people.

Federal Interior Minister Rehman Malik lauded the federal finance minister for his competence, adding it is very difficult for any government to retract the set prices.

Malik said the negotiations with MQM proved successful, adding serving the people of the country form the manifestos of MQM and Pakistan People’s Party (PPP). 

He further said the two parties will continue working in sync for the well being of the people. The federal interior minister urged the transporters to call off their strike, adding, “If people are in trouble, we all feel the same.