Global oil prices have fallen, giving hopes to the consumers in Pakistan that their relief may now be near as the government is expected to declare a drop in petroleum prices in the coming days.
Federal Minister for Petroleum Ali Pervaiz Malik announced that the government was working towards making the fuel pricing mechanism transparent and securing an energy supply.
However, because international oil prices have been declining, he said in a statement on X, that could mean relief could be shared with the public.
The minister attributed positive developments in the region to the diplomatic efforts of the Foreign Minister, Interior Minister, Field Marshal and the Prime Minister.
Relaxing tensions with Iran and making progress toward a ceasefire accord have helped bring down global oil prices, he said.
The Prime Minister has instructed the authorities to ensure that if there is a cut in international prices, the consumers should benefit as soon as possible,” he said.
Malik also announced that a formula to fix petroleum prices will be put in place, which will be based on transparency.
A high level committee has been set up to monitor weekly price review and a new pricing policy will be put into place in consultation with relevant stakeholders.
The public will continue to be kept updated on the government’s reasons for making price adjustments, he added.
The Oil and Gas Regulatory Authority (OGRA) is said to be providing recommendations on oil prices, import costs and tax levels across the board.
The new rates will then be finalised by the Ministry of Finance with the Prime Minister’s approval.
Meanwhile, many consumers are reportedly buying only a portion of fuel, waiting for a big reduction in price on Friday.
The analysts say that global crude oil price trend could bring considerable relief to Pakistani consumers as petrol and diesel prices are likely to drop significantly if the trend continues, which would bring relief to the inflationary condition.
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