Federal Minister for Petroleum Ali Pervaiz Malik has said the government will pass on the benefit to consumers if global petrol prices decline further, the private media outlet reported on Tuesday
Speaking to the media at Parliament House, the minister said he had presented all the relevant facts before the National Assembly’s Standing Committee on Petroleum. He explained that while international crude oil prices have returned to pre-conflict levels, the price of refined petrol imported by Pakistan remains around $15 per barrel higher than it was before the conflict.
Malik said Pakistan imports 70 to 80 per cent of its petrol, adding that the country is still paying higher prices for imported fuel. He noted that Prime Minister Shehbaz Sharif had previously reduced petrol prices by Rs70 to Rs80 when there was fiscal room to do so, and assured that any further reduction in global petrol prices would be passed on to the public.
The petroleum minister also said Pakistan managed to maintain fuel supplies during the recent regional conflict despite lacking strategic petroleum reserves. He added that the government had commissioned an international study on developing strategic oil storage, with two firms currently working on the project.
Highlighting challenges in the energy sector, Malik said investment was essential to boost oil and gas exploration, adding that companies could not continue exploration activities without adequate financial support.
Earlier, on 4 July, the government reduced the prices of petrol and high-speed diesel by Rs1.97 per litre. Following the cut, petrol is priced at Rs297.53 per litre, while high-speed diesel costs Rs309.50 per litre.
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