Lahore: Federal Minister for Petroleum Ali Pervaiz Malik has said that the government is constantly monitoring the prices of crude oil in the international market, and if the trend of falling prices continues at the global level, its direct benefit will be transferred to the people of Pakistan. He clarified that the government’s top priority is to provide maximum relief to the public while maintaining stability in the energy sector.
Talking to media representatives in Lahore, the Federal Minister said that in recent days, there has been fluctuation in global oil prices; however, the government tried to provide more relief to the public than the decline in the global market during the previous price determination. According to him, the government prioritised public interest in determining prices, and on the instructions of Prime Minister Shahbaz Sharif, its benefit was immediately transferred to the consumers.
Ali Pervaiz Malik said that the government will continue to adhere to the same policy in the future, and as soon as there is a sustainable reduction in prices in the global market, the prices of petroleum products will also be reduced appropriately in Pakistan. He said that the government maintains complete transparency in the pricing process and international trends, import costs and financial obligations are taken into account in every decision.
Reacting to the criticism of some quarters regarding the prices of petroleum products, he said that there should be no attempt to mislead the public because prices are determined not on the basis of any single factor but by keeping in mind several economic factors. According to him, the government is following the policy of delivering any possible relief to the public as soon as possible instead of stopping it.
The federal minister also mentioned the possibility of importing cheap oil and gas from Iran on this occasion. He said that Pakistan is reviewing all possible options to meet its energy needs, but every decision will be made keeping in mind international agreements, diplomatic requirements and national interests. He said that if suitable conditions arise in the future, the possibility of taking advantage of low-cost energy sources will not be ignored.
Ali Pervez Malik said that after the recent end of tension in the region and the ceasefire between Iran and the US, there has been a decline in crude oil prices in the global market, the effects of which could prove positive for importing countries, including Pakistan. According to him, the government is continuously reviewing this situation so that both the country’s economy and the people can benefit from the possible reduction in prices.
He said that reforms in the energy sector, reduction in import costs and the search for alternative sources are part of the government’s broader strategy. He said that the government will take decisions that will not only provide relief to the people but also maintain the country’s financial stability.
At the end of his speech, the federal minister appreciated the efforts of the security agencies, Pakistan Army, federal government and Punjab government for maintaining peace and order during the first decade of Muharram, saying that national unity and mutual cooperation among institutions have helped maintain an atmosphere of peace in the country.