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A worker pumps petrol into a customer's motorcycle at a fuel station in Karachi March 1, 2011. Pakistan increased petrol prices by 9.9 percent on Tuesday, reflecting the global rise in oil, the state Oil and Gas Regulatory Authority (OGRA) said, in a move that could create fresh problems for the government. – Photo by Reuters
KARACHI: The government has decided to reduce by 50 per cent the increase in prices of petroleum products, federal Finance Minister Abdul Hafeez Shaikh announced here early on Friday. The decision was taken at a late night meeting the government’s finance managers held with MQM leaders at the Governor’s House.
The meeting followed another one at which Mr Shaikh and State Bank Governor Shahid Kardar briefed President Asif Ali Zardari on the current economic situation.
The MQM team was led by Sindh Governor Dr Ishratul Ibad Khan and included Dr Farooq Sattar, Babar Ghauri, Haider Abbas Rizvi, Khwaja Mansoor Sohail and Syed Sardar Ahmad. Interior Minister Rehman Malik was also present at the meeting.
