Islamabad, May 8 (ANI): Pakistan Petroleum Minister Khawaja Asif has said that Pakistan and India will soon sign gas transit fee agreement for the transmission of gas to India under the Iran-Pakistan-India (IPI) gas pipeline deal.

"The progress on the gas transit fee issue has been made between India and Pakistan on positive note and two countries would soon sign the gas transit agreement," the Daily Times quoted Asif as saying.

He said five to six communicative exchanges have been made between Pakistan and India during the recent days and all matters regarding the gas transit fee agreement would be settled within next few days.

Meanwhile, a senior official in Petroleum Ministry said that Pakistan and India are expected to agree on 40 cents per million British thermal unit (MMBTU) gas transit fee that would generate around 148 million dollars per annum for Pakistan from India as transit fee.

When asked whether the government would cap the oil prices in the country before the upcoming budget to facilitate the consumers, minister did not make any commitment for keeping oil prices unchanged before the announcement of next budget. "It is not right to presume some thing about the hike in oil prices before the next budget," he said. (ANI)