Govt says to expect more 'good news' on petroleum prices

Malik stated: "You saw a reduction in petrol and diesel prices yesterday, and today you will also receive good news about petrol prices.

"Malik stressed that the government would pass on the benefit of any reduction in international petroleum prices to consumers, adding that it was taking measures to provide relief to vulnerable segments amid challenges facing the global energy market.

Malik noted that regional challenges had created difficulties in importing liquefied natural gas (LNG), prompting the government to strengthen the country's energy security infrastructure. He added that the government had taken all possible measures to provide relief to consumers, keeping in view the country's economic constraints, and had extended Rs130 billion in subsidies under its public relief scheme.

The minister said the government was working on a strategy to ensure adequate gas supplies during the winter, adding that efforts were underway to provide the commodity to consumers at affordable rates. Alsospeakingat the press conference, Tarar said PM Shehbaz had prioritised public relief throughout the crisis and provided subsidies on petroleum products to ease the burden on consumers.

He said the premier had taken a major decision to introduce competition in the LPG sector, adding that, for the first time in history, funds had been obtained from oil refineries to provide relief to the public. He further noted that the government had provided Rs130 billion in subsidies to consumers.----------More to follow.