Petroleum Minister Says Fuel Prices Change with Global Market
ISLAMABAD:Federal Petroleum Minister Ali Pervaiz Malik has defended frequent changes in fuel prices, saying domestic fuel prices are adjusted in response to fluctuations in the international market.
Addressing the Pakistan Energy Conference in Islamabad, the minister said he often faces criticism for changing fuel prices frequently, but clarified that he does not set the international prices and only implements the required adjustments.
“Fuel prices change on a daily basis in the global market. I simply implement the changes,” he said.
Ali Pervaiz Malik said Pakistan had resumed efforts to explore for oil and gas offshore after 20 years. He added that despite lower demand from the power sector, the circular debt had not increased without raising gas prices.
The petroleum minister said the government was taking measures in line with its agreement with the International Monetary Fund (IMF).
He noted that relief had been provided in diesel prices the previous day, adding that the government’s efforts had persuaded refineries to agree to a reduction in diesel prices.
The minister further said an agreement for refinery upgrades would be signed soon, describing the modernization of the country’s refining sector as an important step for the energy industry.
