Government’s new plan of Rs 300 billion to solve the problem of prices of petroleum products
ISLAMABAD (92 News) – The federal government has formulated a new plan of Rs 300 billion to solve the problem of prices of petroleum products. According to the plan, the provinces will also contribute to the relief of the people. The deduction will be from the share of the provinces under the NFC.
The federal government is trying to maintain the prices of petroleum products. Rising prices of petroleum products have put more burden on the national exchequer.
Sources said that the price differential claim has been increased from Rs 102 billion to Rs 130 billion in May while maintaining the price.
It is no longer possible for oil marketing companies to repay price differential claims by borrowing from the market.
The Oil Marketing Companies Advisory Council called on the government to end the practice of maintaining prices. He said that if the government does not stop maintaining the prices then the price differential claim should be paid every week.
To maintain the prices of petroleum products till June, the government has formulated a new plan of Rs. 300 billion, according to which the provinces will also have a share in the subsidy.
A plan was also drawn up to cut provincial funds and public sector development programs through the NFC.
A target subsidy plan for motorcyclists has also been formulated. First, the IMF will be persuaded to allow a new plan to maintain prices until June.