ISLAMABAD: Reacting to outcry over hike in petroleum prices, Federal Minister for Petroleum, Ghulam Sarwar Khan said on Monday that petrol price in Pakistan was still lesser than those in India and Bangladesh, ARY News reported.
The minister said the Oil and Gas Regulatory Authority had recommended Rs 12 hike in petroleum prices, but the government raised just Rs 6.
He underlined that international companies were working on oil reserves discovery in Pakistan and they have indicated a positive response in the regard.
‘A drilling into 4,000 ft deep has been done so far for oil reserves,” he stated.
Read: Asia’s largest oil, gas reserves likely to be discovered near Karachi: PM Imran
A week ago, Prime Minister Imran Khan had said that Asia’s largest oil and gas reserves may soon be found in Arabian Sea near Karachi. PM Imran Khan said that there had been positive indicators in the exploration process and added that they would give good news to the nation within three weeks.
Khan asked the nation to pray for the success of the exploration efforts. He said that the expected oil and gas reserves could change the fortune of the country.
Earlier, Prime Minister Imran Khan, on March 11, had directed the local companies to expedite their exploration work in the oil and gas sectors.
