KARACHI: The prices of petroleum products would be gradually deregulated in order to promote competition in the market and the process would be completed in the present government’s tenure, Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said on Thursday.

He was talking to newspersons after the launch ceremony of 95-Octane petrol ‘V-Power’ by Shell.

He said three forms of fuel are now available in the market, and motorists have the choice whether they want to use regulated petrol and Compressed Natural Gas (CNG) or deregulated fuel.

The minister pointed out that petroleum prices are the lowest in Pakistan as compared to other oil importing countries. In no place, petrol is available for less than Rs100 per litre, he added.

Mr Abbasi said regulated petrol price has been raised by Rs2 per litre as against the recommended increase of Rs4 per litre. The government could shift the burden to the public but it did not do so, he added.

Answering a question, he said no complaint has been received with regards to gas load-shedding in Sindh, adding that the federal government is making efforts to resolve the problems faced by the people of the province.

Shell Pakistan Limited Managing Director Jawwad Cheema said deregulation of fuels market gives Shell an opportunity to serve the Pakistani customers with world class offerings like Shell V-Power.

Published in Dawn, December 2nd, 2016