Despite a drop in world oil prices, the federal government has decided not to reduce internal oil rates, rather choosing to allocate savings to the main infrastructure and development projects in Balutchistan, according to a statement published by the Prime Minister’s office (PMO) on Tuesday.
Prime Minister Shehbaz Sharif, at a federal office meeting, announced that the funds saved in the world’s decrease in oil prices would be used to darken strategic highway N -25 – the shaman – Quetta – Kalat – Khuzdar – Karachi route. “The initiative aims to provide better travel facilities to the residents of Balutchistan,” said the press release.
The Prime Minister ordered that the restoration and expansion of the highway be carried out to meet the full standards of the highways. In addition, part of the funds will be allocated to the full phase 2 of the Kachhi canal, which should irrigate hundreds of agricultural land in Baloutchistan.
The chief minister of Balutchistan, Sarfaraz Bugti, who attended the meeting of the cabinet, expressed his gratitude to Prime Minister Sharif for having prioritized development in the province, in particular the N-25 project and other long-awaited infrastructure efforts.
Meanwhile, the firm also approved a modification of the prescription on petroleum products (Petroleum Levy), 1961, as recommended by the oil division. The PMO said the amendment should help stimulate national income.
The decision comes as the global oil markets are faced with instability. Brent crude has dropped from $ 54 cents to $ 64.34 per barrel, while US West Texas Intermediate fell from $ 67 cents to $ 60.96, in the midst of the lowered demand forecasts of OPEC and the International Energy Agency (IAI), largely due to the climbing of trade tensions and fluctuating American tariff policies.
In its latest price examination, the government had marginally reduced gasoline prices by Re1 per liter, fixing them to RS254,63, while retaining high -speed diesel (HSD) to Rs258.64 per liter until April 15, in accordance with the notification of the finance division.
