ISLAMABAD: Federal Minister for Petroleum, Ali Pervaiz Malik, has announced that petrol prices could see a reduction of Rs 15 per liter under a newly proposed pricing formula, thanks to the cooperation of local oil refineries.
Addressing a press conference in Islamabad alongside Information Minister Attaullah Tarar, the Petroleum Minister highlighted that global fluctuations in energy prices and regional geopolitical situations have significantly impacted Pakistan’s economy and increased transportation costs. However, providing direct relief to citizens remains the government’s topmost priority.
Minister Ali Pervaiz Malik stated that a meeting with oil refineries is scheduled to finalize various matters, noting that these refineries have recorded profits in the past three months that surpass their earnings from several previous years. He added that prior to October 31, the country was paying a premium of $10 to $20, but the new formula aims to ease this burden and pass on a Rs 15 per liter relief to the public.
Speaking on the occasion, Information Minister Attaullah Tarar stated that, under strict directives from the Prime Minister, the government successfully prevented an increase of Rs 15 per liter on petrol prices. He shared that over 12.5 million citizens have benefited from the government’s fuel subsidy program so far, with a total relief of Rs 27 billion extended to the public.
The ministers reiterated that the Prime Minister’s core mission is to minimize the economic burden on common citizens despite ongoing regional and global economic challenges.
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