ISLAMABAD: Federal Minister for Finance, Dr. Abdul Hafeez Shaikh Thursday called on President Asif Ali Zardari and briefed the latter on rising international price of crude oil and revision of local prices of the petroleum products accordingly, reported .According to sources, Dr. Shaikh discussed the summary sent to the President in connection with increasing the prices of POL products.The summary states that the international crude oil prices had surged to 111 dollars per barrel and if local prices were increased the government would have to bear the burden of Rs9 billion in petroleum subsidy.The sources added that 10 to 12 per cent rise in POL prices has been proposed in the summary and now it is up to the petroleum ministry to make a decision in this regard.
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