ISLAMABAD - The National Assembly’s Special Committee on Petroleum failed on Wednesday to evolve a consensus on reduction of oil prices, reported a private TV channel.

Riaz Hussain Pirzada presided over the committee’s meeting which ended without any progress. The finance adviser told the committee that 70 per cent of tax collection was going to provinces.

Therefore, it was unfair to ask the federal government to give the sacrifice. He proposed a robust policy be framed to prevent monthly reviews.

Petroleum Secretary Ejaz Chaudhry said oil prices are surging rapidly in international markets.

The TV channel quoted a top official as saying that the centre wanted provinces to abandon some of their shares in taxes to reduce the oil prices.