Petroleum prices in Pak lowest in the region: Min

Pakistan has passed maximum benefit of reduction in oil prices in the international market to the people, a senior minister has said following the slashing of fuel prices by the government.
Addressing a news conference here, Information Minister Pervaiz Rashid said that the fuel prices in Pakistan "are the lowest in the region" and the government is bearing a loss of 40 billion rupees by reducing the petroleum prices on account of revenue collection.
Regarding shortage of gas, he said all out efforts are underway to overcome the crisis and hoped it will be resolved during the current year.
The Minister said the federal government has written to the provinces to reduce prices of essential commodities so that people could benefit from the improved economy.

He said despite terrorism, foreign investment in the country has increased and the government is providing lucrative incentives as well as security to the investors.
He said the foreign exchange reserves have risen to more than USD 15 billion and the government has put the economy on right track due to prudent economic policies followed during the past 17 months.

Rashid further said that 2015 will be the year of launching mega-projects in the country.
Prime Minister Nawaz Sharif has yesterday announced reduction in prices of petroleum products effective from today.
Petrol price has been reduced by Rs 7.99 per litre whereas the price of high-octane has been cut down by Rs 11.82 per litre. Price of kerosene oil has been slashed by Rs 10.48, high-speed diesel Rs 5.62 and light diesel has been reduced by Rs 9.56 per litre.

"The government is bearing the loss but is committed to providing relief to the masses. Other countries have not passed on the relief to their people after the petroleum priced slashed in the international market," Sharif said yesterday while announcing the reduction in prices of petroleum products.
Pakistan is currently reeling under a fuel shortage crisis which has paralysed the country for about two weeks.