Govt bought expensive LNG, incurring Rs8b loss: Miftah

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The government has bought LNG four times more expensive, said ex- finance minister and PML-N leader Muftah Ismail. Addressing a press conference at the press club on Wednesday, he said in April oil was the cheapest in the world but the government did not purchase of oil at the time. “At that time oil was 6 barrels per dollar. The government also barred PSO from buying. This was followed by an oil shortage in June. The government move caused a loss of Rs 8 billion in oil buying.” He said on June 26, the government ended shortages by raising prices and taxes. This benefited the oil marketing companies. Miftah went on the story of oil is similar to LNG. The government was incompetent in purchasing LNG and has bought expensive LNG. “The government will generate expensive electricity at Rs 13 per unit from furnace oil or Rs 25 per unit from diesel.” The PML-N leader said about PDM movement, “We have come first to demand Imran’s resignation. We have not come to resign. As long as our pressure remains, the prices will remain stagnant.” Giving a gloomy picture of economy, he said 21% of people are unemployed. As the momentum of PDM movement is increasing, prices are falling, especially of flour and sugar. PML-N leader Muftah Ismail.concluded, “We can also make mistakes. But we are honest. Just hold elections honestly.”