Despite a decrease in world oil prices, the federal government has decided not to reduce national oil rates, instead by allocating savings to key infrastructure and development projects in Baluchistan, according to a statement issued by the office of the Prime Minister (PMO) on Tuesday.
Prime Minister Shehbaz Sharif, during a federal cabinet meeting, announced that the fundamental funds of the world price of oil price would be used to drear the N-25 strategic road, the Chaman-Quetta-Kalat-Khuzdar-Karachi route. “The initiative aims to provide better travel facilities to the people of Baluchistan,” said the statement.
The prime minister directed that the restoration and expansion of the road should be carried out to meet the complete highways of highways. In addition, a part of the funds will be assigned to complete phase 2 of the Kachhi channel, which is expected to water hundreds of agricultural land acres in Baluchistan.
Baluchistan’s prime minister, Sarfaraz Bugti, who attended the cabinet meeting, expressed his gratitude to Prime Minister Sharif for prioritizing development in the province, particularly the N-25 project and other infrastructure efforts so long as expected.
Meanwhile, the Cabinet also approved an amendment to the Petroleum Products Ordinance (Levy Petroleum), 1961, as recommended by the oil division. The PMO said that the amendment is expected to contribute to promoting national income.
The decision occurs when world oil markets face instability. Brent Crude fell 54 cents to $ 64.34 per barrel, while West of West Texas Intermediate fell 57 cents to $ 60.96, in the midst of reduced demand forecasts of both OPEC and the International Energy Agency (IEA), largely due to climate commercial tensions and the United States fees policies.
In its last price review, the Government had marginally reduced gasoline prices in RE1 per liter, setting them to RS254.63, while maintaining high speed diesel (HSD) to RS258.64 per liter until April 15, according to the notification of the Finance Division.
