Pakistan reverses recent increase on fuel prices

Pakistan reverses recent increase on fuel prices

2011-01-07 14:44:49 GMT+7 (ICT)

ISLAMABAD, PAKISTAN (BNO NEWS) -- Pakistan Prime Minister Yusaf Raza Gilani on Thursday announced the reversal of the recent increase on the prices of fuel, Ary News television reported.

Prices of all petroleum products (POL products) were recently increased by 9 percent. However, Members of the Parliament agreed to withdraw such increment due to the overwhelming pressure from opposition parts and Pakistani society.

"The prices of petroleum products now stand reverted," said PM Gilani. "It was not possible without political leaders' support and consensus of the house."

The decision to raise prices of POL products, which was announced on New Year's Eve, was taken to compete against the rising prices in the world market. The following day, opposition parties demonstrated their disagreement to the increase and Muttahida Qaumi Movement (MQM), the second-largest member of the ruling coalition, joined the opposition.

In addition, The Pakistan Muslim League Nawaz Sharif gave the government a 3-day ultimatum to accept demands, including the withdrawal of the new oil products prices.

A parliamentary committee was commanded to decide oil prices for Pakistan after assessing variations of oil rates in international markets. Gilani assured that from now on, all Parliamentary parties would be taken into account in a future price hike.

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