Petroleum minister Ali Pervaiz Malik says oil refineries’ cooperation could help reduce petrol prices, while Rs27 billion has been distributed under the fuel relief scheme
The government is working on a new petroleum pricing formula that could reduce petrol prices by Rs15 per litre, Petroleum Minister Ali Pervaiz Malik said, as rising international oil prices and regional tensions continue to put pressure on Pakistan’s energy sector.
Speaking at a press conference alongside Information Minister Attaullah Tarar, Malik said the government had approached oil refineries to seek their cooperation in providing relief to consumers.
He said global petroleum prices had started rising again, while regional tensions had increased transportation, insurance and logistics costs. The government had earlier finalised a diesel pricing formula in consultation with refineries, he added.
Malik said a meeting with oil refineries would be held to discuss the proposed measures, stressing that consumer interests and refinery profitability both needed to be protected.
He added that the government was also exploring alternative routes for LNG supplies and taking steps to establish new LPG terminals to ensure uninterrupted energy supplies.
Information Minister Attaullah Tarar said more than 15 million people had benefited from the government’s fuel relief scheme, under which Rs27 billion in relief had been provided so far.
He said the scheme covered motorcycles, three-wheelers and small vehicles, adding that the government had taken coordinated measures to minimise the impact of rising global fuel prices on consumers.
Tarar said petrol prices were expected to increase by Rs15 per litre on Friday, but Prime Minister Shehbaz Sharif directed that the additional burden be shifted to oil refineries instead of consumers.
He said the government would continue the fuel relief scheme to protect the public from rising petroleum costs.
The information minister also said regional tensions, particularly the situation around the Strait of Hormuz and Bab el-Mandeb, had affected economies worldwide, including Pakistan. However, he maintained that the country’s macroeconomic indicators remained stable.
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