Islamabad, Pakistan – Web Desk: Federal Minister for Petroleum Ali Pervaiz Malik has said the government will pass on the benefit to consumers if global petrol prices decline further, while explaining that imported petrol remains significantly more expensive than before the recent regional conflict.
Speaking to the media at Parliament House, the petroleum minister said he had presented all relevant facts before the National Assembly’s Standing Committee on Petroleum. He noted that although international crude oil prices have returned to pre-conflict levels, the price of refined petrol imported by Pakistan remains around $15 per barrel higher than it was before the conflict.
Malik said Pakistan imports 70 to 80 percent of its petrol requirements, making domestic fuel prices heavily dependent on international market trends and import costs.
“Imported petrol is still arriving at higher prices. Whenever there is sufficient room for relief, the government will transfer the benefit directly to the public,” he said.
The minister added that Prime Minister Shehbaz Sharif had previously reduced petrol prices by Rs70 to Rs80 per litre when market conditions allowed. He reiterated that any further decline in global petrol prices would also be reflected in domestic fuel prices.
Referring to the recent regional conflict, Malik said Pakistan managed its fuel supply despite limited strategic petroleum reserves. He revealed that the government has commissioned an international study on developing strategic oil storage, with two firms currently working on the project.
The petroleum minister also stressed that sustained investment is essential for oil and gas exploration, saying companies cannot continue exploration activities without adequate financial support.
Earlier, on July 4, the government reduced the prices of petrol and high-speed diesel by Rs1.97 per litre each. Following the revision, petrol is priced at Rs297.53 per litre, while high-speed diesel costs Rs309.50 per litre.
