Petrol prices in Pakistan could decrease by up to Rs15 per litre under a proposed new formula. Petroleum Minister Ali Pervaiz Malik announced the possibility during a press conference in Islamabad.
Speaking alongside Federal Information Minister Attaullah Tarar, Malik said public relief remains the prime minister’s top priority. He announced that the government would meet oil refinery representatives the following day. The meeting will focus on possible measures to reduce fuel costs.
Malik said cooperation from refineries could help provide petrol at a lower price. He expressed hope that the proposed arrangement would bring relief of Rs15 per litre. He also said some relief in petrol prices would be provided that day. Information Minister Atta Tarar said the prime minister had stopped a proposed increase of Rs15 per litre. The increase was expected on Friday. However, the government kept prices unchanged with support from oil refineries.
Tarar explained that rising global energy prices have affected Pakistan’s economy. Higher insurance, logistics and transportation costs have also increased pressure. These factors have added to the challenges facing the country’s fuel sector. Malik said the government was taking steps to protect consumers. He referred to the regional situation and rising international oil prices. He added that a fuel subsidy scheme had been introduced to support the public.
According to the petroleum minister, more than 13 million consumers are benefiting from the scheme. He also highlighted rising premiums on Pakistan State Oil (PSO) tenders. Malik said refineries had earned significant profits over the previous three months.
He added that the government had asked refineries to cooperate during difficult economic conditions. Their support helped prevent the expected fuel price increase. The minister said further cooperation could make petrol cheaper for consumers.
Tarar provided additional details about the government’s fuel relief package. He said more than 15 million people had benefited from the initiative so far. Around Rs27 billion has been distributed under the package. The programme covers motorcyclists, rickshaw owners and people with vehicles up to 800cc. Tarar confirmed that the prime minister’s relief package would continue.
He also said oil refineries had absorbed a financial burden of Rs15 billion. The government is continuing efforts to provide relief amid regional uncertainty. Malik expressed hope that tensions involving Iran would move towards negotiations and reconciliation.
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Any reduction in petrol prices will depend on the outcome of discussions with refineries. The government has indicated that cooperation remains central to its proposed relief measures.
