Petroleum Minister Ali Pervaiz Malik on Tuesday said that the government has decided to absorb any potential fluctuation in fuel prices, hinting at no immediate significant changes in the prices. At the time, the petroleum minister said that the government would reduce prices promptly once the situation improved.
Speaking today on Geo News programme ‘Capital Talk’ today, Malik said that Prime Minister Shehbaz Sharif decided that he would make every effort to buffer any potential increase in petroleum prices.
“I think there will be no significant in this [prices] in reasonable time, as the government has decided to absorb them to prevent difficulties for the public,” he added.
However, he indicated that prices were unlikely to shift drastically following remarks by US President Donald Trump on the Iran conflict and the G7’s discussions on potentially releasing some of their strategic oil reserves.
PM Unveils Fuel-Saving and Austerity Plan
Moreover, Malik’s remarks on the government absorbing fuel price fluctuations come just a day after PM Shehbaz Sharif unveiled an austerity and fuel-saving plan.
Addressing the nation on Monday, the prime minister said the measures were necessary to deal with the prevailing global fuel crisis triggered by the ongoing US-Israel-Iran conflict.
“The entire region is currently in a state of war,” the premier said, adding that Pakistan was making every effort through diplomatic channels to help resolve the situation.
PM Shehbaz then announced that both the federal and provincial governments would adopt austerity and simplicity to reduce expenditures and conserve energy during the challenging economic situation.
