Federal Petroleum Minister Ali Pervaiz Malik has hinted at possible relief for Pakistani consumers. He said petrol prices could decline within two days if global oil prices remain stable.
Speaking in Lahore, Malik said petroleum prices remain a major challenge for Pakistan. However, he said the government continues working to provide relief despite difficult economic conditions.
The minister explained that authorities calculate petroleum prices using a seven-day average. He said the Oil and Gas Regulatory Authority determines the final rates.
Malik added that stable international prices could bring positive news for consumers. He also acknowledged that fuel remains expensive internationally and within Pakistan.
Government Prevented Fuel Shortage During Tensions
Malik said Prime Minister Shehbaz Sharif and his team prevented a petroleum shortage. He credited efforts on economic and foreign-policy fronts for maintaining fuel supplies.
The minister said Pakistan faced serious challenges during recent regional tensions. Despite those pressures, he said the country experienced no shortage of petroleum products.
He added that the government continued seeking ways to provide public relief. However, limited resources have restricted the government’s ability to absorb rising costs.
Meanwhile, Pakistan collected Rs. 1,900 billion through the petroleum levy last year. The amount exceeded the government’s Rs. 1,700 billion target.
Global Oil Prices Created Heavy Pressure
Malik said international oil markets experienced extreme price volatility during the conflict. He claimed crude oil prices reached $170 per barrel at one point.
According to the minister, diesel prices reached $280 while petrol touched $170. He said prices later moved toward even higher levels.
Malik said the US-Iran conflict also created economic difficulties for Iran. He added that Pakistan faced additional challenges because of sharply rising energy costs.
The minister stressed that energy-importing countries remain particularly vulnerable to global price shocks. However, stable international markets could provide some relief to Pakistani consumers soon.
