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Govt urged to invest in oil exploration to control POL prices

Govt urged to invest in oil exploration to control POL prices

LAHORE: Lahore Chamber of Commerce and Industry (LCCI), expressing concern over recent price hike in petroleum products, has urged the government to make more investment in oil exploration projects as new discoveries will help tackle the oil price issue.

In a statement issued here, LCCI President Farooq Iftikhar said that the government would not be able to put economy back on track while mounting oil prices that has not only jacked up the cost of doing business but also adding to the miseries of common men.

He said according to the minister for petroleum and natural resources, Pakistan has the largest reservoirs of shale gas in Subcontinent and 9th largest in the world. “We should come up with a commercially viable policy to lure exploration companies in this regard,” he added.