Rs15 per litre reduction sought in petrol prices through refineries, says Petroleum minister
“Petroleum minister Ali Pervaiz Malik says refinery cooperation helped avert an expected price hike, while fuel subsidy programme benefits more than 13 million c…”
Addressing a press conference alongside Information Minister Attaullah Tarar, Malik said the regional situation had created economic and energy-related challenges for Pakistan, while higher global fuel prices had increased insurance, logistics and transportation costs. He said the government was making efforts to protect consumers from the impact of international market fluctuations and provide relief despite mounting external pressures.
The petroleum minister said providing relief to the public remained among Prime Minister's top priorities. In this regard, the government had introduced a fuel subsidy programme benefiting more than 13 million consumers, he added.
Malik also highlighted increased premiums in Pakistan State Oil (PSO) tenders, saying domestic refineries had earned profits over the past three months that exceeded their earnings in several preceding years.
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He said the government had approached oil refineries to seek their cooperation in sharing the burden of rising fuel costs and providing relief to consumers., petrol prices were expected to increase by Rs15 per litre on Friday. However, cooperation from local refineries enabled the government to maintain existing prices instead of passing the anticipated increase on to consumers.
Malik said the government expected to provide petrol at a reduced rate of Rs15 per litre through continued cooperation with the refining sector. He added that consumers could also receive some relief in petrol prices on Monday, although he did not specify the revised rate or the mechanism through which the proposed reduction would be implemented.
The minister also expressed hope that tensions involving Iran would move towards reconciliation and negotiations, helping improve the regional situation and easing pressure on energy markets. Pakistan remains exposed to fluctuations in international petroleum prices, with changes in global crude oil markets, shipping expenses and insurance costs affecting domestic fuel pricing.
The government's proposed engagement with oil refineries is aimed at limiting the impact of these external pressures on consumers.
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