Oil policy

It is good to know that Prime Minister Imran Khan has put down his feet firmly and directed the petroleum price hike summary, sent by Ogra, to the Economic Coordination Committee (ECC) for revising it downward. The federal cabinet has thus provided some relief, maybe for just some days though, by keeping POL products prices at the current level unchanged despite the fact that oil prices in the international market had reached the level of 77 dollars per barrel from 55 dollars per barrel during the last couple of weeks or so. It is a bitter fact that the country meets its POL products requirements through 85 percent imports and only 15 percent from its domestic production. The demand for POL products consumption keeps increasing almost daily.There is a dire need for a National Oil Conservation Policy. We should keep this fact in mind that less exports and more imports increase the trade deficit and have a negative impact on the national economy. There must be some gadgets available in the market which help in reducing oil consumption and giving more mileage to motorists. In order to keep the financial burden on their pockets on the lower side without compromising on the mileage they have to do, motorists may go around and search for such gadgets without waiting for the federal government to formulate a much-needed National Oil Conservation Policy.Muhammad MurtazaLahore

from The News International - Newspost http://bit.ly/2DTTfe7