Prime Minister Shehbaz Sharif confirmed that the country has sufficient fuel reserves and Pakistanis don’t need to panic about the situation. Similarly, the Finance Minister Muhammad Aurangzeb also said that there is no shortage of fuel in Pakistan.
At the same time, Prime Minister Shehbaz Sharif approved the proposal for weekly changes in the prices of petroleum products, a private media channel reported on Friday.
In addition, recommendations regarding online and work-from-home have been directed to be presented on Monday.
The Finance Minister, Muhammad Aurangzeb, briefed the PM, Shehbaz, in a meeting on the stock and consumption of petroleum products.
According to sources, after approval from the ECC, the federal cabinet will give final approval to the summary of petroleum products. These measures will enable the effective use of fuel stocks and a demand reduction.
Work-from-home in war
The Prime Minister has directed the Finance Minister to submit recommendations on work from home on Monday after consulting with the provinces.
Finance Minister Muhammad Aurangzeb will approve the period for fixing the prices of petroleum products in the Economic Coordination Committee meeting today.
Will petrol prices increase in Pakistan?
The petrol price in Pakistan is currently Rs267.30 per litre, and the price of high-octane fuel is Rs277.80 per litre. Several media reports confirmed that the price of petroleum products can be increased as the Iran-Israel war can affect the global energy supplies.
There are also reports coming that the government will adopt the method to review the petrol prices, like the authorities earlier adopted during the COVID-19 days.
Sources said the primary objective behind the proposed weekly petrol pricing system is to prevent hoarding and market manipulation by dealers, particularly during periods of expected price increases.
Officials fear that anticipation of higher petrol prices could encourage dealers to stockpile petroleum products, creating artificial shortages in the market.
