ISLAMABAD: Minister of State for Finance Rana Muhammad Afzal informed National Assembly on Friday that petroleum prices in Pakistan are lowest in the region.
Responding to a call attention notice, he said that the oil prices are reviewed keeping in view the trend in the international market. He said that as the prices are now going up, we have no option but to increase the domestic prices.
He assured that the prices will be reduced as these come down in the international market. The Minister of State said that we have managed to keep the inflation rate below four percent.
Parliamentary Secretary on Cabinet Secretariat Raja Javed Ikhlas said despite increase in the prices of petroleum products in the international market, the government has tried not to pass its full impact to the people.
The members on the occasion asked the government to withdraw the recent increase in the prices of oil and reduce the general sales tax on the petroleum products.
Earlier, Minister of State for Finance Rana Muhammad Afzal has said that the present government empowered banks to recover loans from the defaulters under a new law.
Responding to a calling attention notice moved by Rana Muhammad Hayat Khan in the National Assembly on Friday, he clarified that the government does not waive off the loans but discretion to this effect rests with the banks. He said that a list of loan defaulters has already been presented before the Upper House.
The Speaker referred the matter of loan defaulters to the committee concerned with the instructions to submit its report within fifteen days.
Meanwhile, Minister for Climate Change Mushahidullah told the National Assembly that all the institutions should work within their constitutional domain.
He said working within constitutional ambit will ensure good governance. He said that parliament which frames laws is the mother of all institutions and it should be allowed to perform its functions.
He pointed out that panama papers contained the names of many peoples but it is regrettable that only one family is being targeted in the name of accountability.
The House has now been prorogued.