ISLAMABAD - Petroleum Minister Dr Asim Hussain, Friday, said that India, Afghanistan and Pakistan have decided to set 49.5cents as transit fee to $7.6 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project.

Talking to media in a news conference, Minister for Petroleum and Natural Resources said that after this tri-lateral consensus on transit fee, the TAPI gas will be cheaper than IP gas and Iran will also decrease its price under the agreement. He said Engineering Procurement Contract (EPC) of IP gas project will be advertised next week. A ban has been imposed over the sale of furnace oil on loan so next on wards the sale of furnace oil by the PSO will be on payments to the company. Further, we will not import the furnace oil if there will be no money.  He said , I have given advice to set up 100 LPG station with in next two months. Almost 150mcfd gas is being wasted in the air and a policy is under way to utilize this gas. Moreover, 2,500 barrel oil and 30mcf gas have been discovered in Badin. He was of the view that after five years, the country will have sufficient resources to meet the energy demands of the country.