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Opec decision

to raise output

hailed

RECORDER REPORT

KARACHI: The petroleum retailers, expressing their satisfaction over the world oil supply increase and subsequent slide in the price, have demanded of the government to cutt local petroleum price too.

Abdul Sami Khan, the chairman of the Pakistan Petroleum Dealers Association (PPDA) in a statement on Thursday said the Opec decision to increase oil production would stabilise the prices and leave a healthy effects on oil industry in the world.

He reminded the government of the intended increase in rates and fares and prices of goods by the transporters and other sectors. To preempt this, Sami said, the government should honour its commitment and promises of decreasing petroleum prices as and when prices showed a decline in the international market.

With the announced increase in world oil supplies by 1.45 million barrels a day, the prices have fallen to 24.56 dollars per barrel from 50 dollars.

Sami said that now the time had come to fulfil the commitment and pass on the price reduction benefit to the commoners by announcing reduction in prices.