Government to Review Global Oil Price Trends This Week, Says Petroleum Minister
ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has said the government will review international petrol and diesel price trends this week before making any decision on domestic fuel prices.
In a statement, the minister said the government was neither favoring any particular sector nor placing an unnecessary burden on another. He added that the government remains committed to passing on any possible relief to consumers while fulfilling its international obligations.
Ali Pervaiz Malik said Prime Minister Shehbaz Sharif had fulfilled his commitment by reducing the price of high-speed diesel by a cumulative Rs200 per litre and petrol by Rs155 per litre since taking office.
He noted that during the current week, the international Platts benchmark price for petrol ranged between $91.68 and $98.35 per barrel, while the Platts price for high-speed diesel fluctuated between $104.79 and $109.09 per barrel.
In a separate statement, the petroleum minister said the prime minister had promised that any reduction in fuel costs would be passed on to the public. He added that global crude oil prices had fallen significantly to around $70 per barrel, but clarified that crude oil is processed by refineries before it can be used, meaning changes in crude prices do not automatically translate into immediate reductions in retail fuel prices.
