03-04-2011, 05:10 PM
LAHORE: The federal government has decided to cut by 50 percent the recent raise of 9.9 percent in POL prices, a private TV channel reported on Thursday. The decision was made in a meeting held between parliamentarians of the Pakistan People’s Party (PPP) and Muttahida Qaumi Movement (MQM) at the Governor’s House in Karachi. Talking to journalists, Federal Finance Minister, Hafeez Sheikh, said that the increase of 9.9 percent in POL products’ prices was made after oil prices shot up by 26 percent in the international market. The minister claimed the government had to face a loss of Rs 13 billion as it did not increase oil prices. He also said that the public would be provided maximum relief. MQM leader Farooq Sattar told reporters after the meeting that the decision had been taken after hours-long talks with the government team. He thanked President Asif Ali Zardari for understanding the severity of the situation and problems of the public. He, however, noted that the country’s economy was under intense pressure. The MQM leader congratulated the nation over the government’s decision to cut the increase in prices by 50 percent. Federal Interior Minister, Rehman Malik, said that MQM chief Altaf Hussain had informed the president about public reaction over the hike in prices of petroleum products.