FOREX UPDATE

ISLAMABAD: Advisor to Prime Minister for Energy Dr. Asim Hussain said Sunday that Pakistan import bill will decrease by $5 million daily as a result of Iran-Pakistan gas pipeline project. Addressing a news conference, he said the gas pipeline project can save Pakistan $1.70 billion in annual import bill. On the occasion, Dr Asim made public the formula for determination of price of petroleum products, adding the formula is aimed at conveying in transparent manner to the people the modus operandi of price specification. He said the petrol ex-refinery price is Rs36.59/lit. He said if the current trend of international crude oil prices continues then there is a good chance of local POL prices to be reduced by Rs 3 to Rs 3.50 per litre.