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Oil prices review after OPEC moot-Shaukat

RECORDER REPORT

LAHORE: Finance Minister Shaukat Aziz has said that the government will review the prices of petroleum products after the upcoming OPEC meeting. ``However, if unavoidable, we will try to keep the price increase to the minimum level to put barest burden on common man,''

He was talking to reporters after attending the inaugural ceremony of Overseas Pakistanis' Science and Technology City (OPSTeC) College of Computer Sciences here on Sunday.

To a question about the recent increase in furnace and kerosene oil prices, he said that it had become unavoidable due to the hike in oil prices in the international market, however, he added, it was not aimed a increasing the revenue of the government. He said that kerosene oil is used by common man, therefore, in future the government would keep a check on its prices.

To a query he said that Ali Raza would be the new Head of National Bank of Pakistan, while Qaisar Nasim has been appointed as Head of the Small Business Finance Corporation.

To another question, he said Ghalib Nishtar has been made head of the 'Micro Credit Bank'. He has started working on formulating rules and regulations and modalities regarding the sanction and disbursement procedures. He would submit his report and recommendations in this respect to the Ministry of Finance within a couple of weeks, the finance minister said.

Micro Credit Bank will provide loans to small entrepreneurs and industrials, the minister said and added that the people associated with powerloom industry would also be able to benefit from this facility.

To a question about privatisation process, he said that in the first phase the government has planned to privatise National Bank and oil and gas sector institutions. He added that five to 10 percent shares would be privatised through stock exchanges.

"We are also restructuring the First Woman Bank and House Building Finance Corporation to improve and streamline their affairs," Shaukat Aziz said.