KARACHI: Finance Advisor Shaukat Tareen has said that decrease in prices of petroleum products is impossible at the present economic scenario, but government will honour the decision of Supreme Court. Talking to a private television network here on Wednesday, he said the country is facing numerous challenges and a large amount is being spent on military operations in war torn areas.

He said the revenue position does not permit the government to decrease the prices of petroleum products. He said government will seek guidance from the Supreme Court to collect the revenue. Shaukat Tareen urged the need to expand the network of the taxes. NNI

ISLAMABAD: Prime Minister Syed Yousaf Raza Gilani has taken notice of not reducing the fare by the transporters, despite the reduction in the prices of petroleum production by the Government. The Prime Minister has directed the authorities concerned to ensure reduction in the fare in accordance with the ratio of the lowering the petroleum products prices, so the general masses would have the benefit of this facility.

He has also taken notice of the information that owners of some petrol pumps are not selling petrol on the new prices, and has directed the Petroleum Ministry to ensure the sale of petroleum products on the new prices. He has also directed that stern action should be taken against the violators.-SANA

ISLAMABAD: Government has decreased prices of petrol by Rs9 and diesel by Rs4 per litre with immediate effect. Advisor to the Prime Minister on Finance, Shaukat Tareen had announced a day earlier that prices of petroleum products would be reduced on Sunday. He said the benefit of declining international oil prices would be passed on to consumers.-SANA

ABU DHABI: Pakistan and UAE have agreed to expand collaboration in energy sector and start joint ventures in various fields. It was decided at a meeting between President Asif Ali Zardari and UAE Minister for Petroleum, Muhammad Dhaen who called on him in Abu Dhabi today.

The two sides reviewed joint energy projects and agreed to expand the existing collaboration and to identify more areas for cooperation in the energy sector. President Zardari said that Pakistan will provide skilled man power and expertise to UAE in this connection. UAE Minister assured that his country will help Pakistan in exploration of oil and gas and initiate joint ventures in this field.

He said his country is setting up an oil refinery at Khalifa Point in Balochistan with an investment of five billion dollars. Meanwhile, Vice President of Abu Dhabi National Energy Company Abdullah Khunji also called on the President and expressed keen interest to invest in Pakistan’s energy sector particularly for setting up of a coal-based power plant.

He also had an in-depth discussion on the prospects and opportunities of investment in Pakistan, with focus on the energy sector. President Zardari welcomed the interest for investment in Pakistan’s energy sector. He hoped that it will help boost the existing cooperation and joint ventures between the two counties in this vital field.

He assured that all possible assistance would be provided to the company in its endeavors to invest in Pakistan. Abdullah Khunji later told media that Pakistan is the best market for investment and his company will soon enter the Pakistani market.

Chairman Emirates Investment Group Tariq Al Qasimi also had a meeting with President Zardari. They discussed the global as well as the regional economic situation, with focus on the opportunities of investment in Pakistan’s financial sector. The President said the government will encourage the foreign investment in various sectors.

Tariq Al Qasimi later told Radio Pakistan correspondent Javed Akhtar that their company already has its presence in Pakistan with investment in various projects and was exploring new avenues of investment in agriculture and banking sectors.

Later, talking to Pakistani media persons, the UAE Minister for Petroleum said various areas of joint ventures in petroleum sector were identified during his meeting with the President. He said also discussed the prospects of investment in oil and gas exploration projects in Pakistan
Terming the visit of the Mr. Asif Ali Zardari as productive and fruitful, the UAE Minister hoped that it will further strengthen the existing close and friendly ties between the two countries.-SANA

ISLAMABAD: The government on Saturday to decrease petrol and diesel prices by Rs 10 and Rs 3 per litre respectively for passing on the benefit of lowering petroleum products’ rates in the global market to domestic consumers.

According to petroleum ministry sources, new maximum sale price of petrol is Rs. 66.66 and diesel Rs. 61.14. There would be a reduction of Rs. 5 in the price of Kerosene oil and new prices would be effective from November 15, 2008.

ISLAMABAD: The National Assembly has been informed that the government is providing subsidy on petroleum products by not passing the full impact of international price increase to the consumers to provide them oil on reasonable prices. Parliamentary Secretary for petroleum Chaudhry Ejaz Virk informed the House during question hour that the government is subsidizing high speed diesel by 19.63 rupees light diesel oil by 16.82 rupees and kerosene oil 18.47 rupees per litre. Read the full story