Adviser to prime minister on finance and revenue Dr Salman Shah has said despite reduction in oil prices in the international market, it would remain unchanged locally until the government earns back the money it spent on subsidy.
Talking to newsmen after a seminar on "Corporate Governance Beyond Listed Companies" jointly organised by Centre for International Private Enterprise (CIPE), Pakistan Institute of Corporate Governance (PICG), and Institute of Chartered Accountants of Pakistan (ICAP) here on Thursday, he rejected the idea of lowering of oil prices in the local market.
He said overall balance of oil payments is in the negative and as soon as this balance reaches to zero level the government would start reviving oil prices down in line with the oil prices in the international market.
He pointed out the budget for the current fiscal year was announced under the formula defined by President General Pervez Musharraf. He said the NFC award has been implemented with the announcement of the current year budget.
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