Pakistan has avoided a Rs. 15 per litre petrol price increase after local refineries agreed to absorb additional costs. Petroleum Minister Ali Pervaiz Malik announced the development during a press conference in Islamabad on Monday.
He said Prime Minister Shehbaz Sharif had requested refinery cooperation to protect consumers from rising international fuel prices. Consequently, refineries accepted an estimated financial burden of Rs. 15 billion to prevent higher petrol prices.
Malik explained that regional tensions had increased fuel import costs, premiums and transportation expenses. He added that Pakistan had faced higher prices in recent Pakistan State Oil import tenders.
Refineries Help Prevent Petrol Price Increase
The petroleum minister said approximately 30 percent of Pakistan’s petrol comes from domestic refineries. Meanwhile, the country imports the remaining 70 percent to meet national demand.
He said the government consulted local refineries to find ways of providing relief. Authorities also aimed to avoid measures that could discourage imports or create fuel shortages.
Malik thanked refineries for cooperating with the government during difficult economic conditions. He also recalled their earlier support in providing relief through diesel pricing arrangements.
Furthermore, he said the government had introduced a revised pricing mechanism. Under this arrangement, refineries must surrender the difference between import and ex-refinery prices through the petroleum levy account.
Government Considers Further Relief for Consumers
The minister said the government had fixed certain refinery pricing components at March 7 levels for 30 days. The arrangement aims to ensure that consumers receive benefits through corresponding petrol price reductions.
He added that recent declines in international oil prices could create further opportunities for relief. However, the government would continue consultations with refineries before making additional decisions.
Information Minister Attaullah Tarar said the prime minister had prioritised reducing the public’s financial burden. He also reported that the fuel relief programme had provided Rs. 27 billion in assistance.
According to Tarar, more than 15 million people have benefited from the scheme. The programme supports motorcycle owners, rickshaw drivers and eligible small-car owners.
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