Islamabad: Federal Minister for Petroleum Ali Pervaiz Malik has said that Prime Minister Shehbaz Sharif has directed the relevant authorities to immediately pass on the benefit of the recent decline in crude oil prices in the global market to the Pakistani people.
In his statement issued on Thursday, the petroleum minister said that a significant decline in oil prices is being seen at the international level, after which the prime minister has given clear instructions that the public should benefit from this relief as soon as possible. He said that the government is prioritizing public interest regarding energy prices and passing on the effects of positive changes in the global market to consumers is part of this policy.
According to Ali Pervaiz Malik, the government has also formed a high-level committee that will develop a transparent and effective weekly system for determining fuel prices. He said that the aim of this move is to keep the public informed about the reasons for price increases or decreases and to create greater transparency in the price determination process.
The Petroleum Minister said that the preparation of the proposed system will be completed after consultation with all stakeholders so that future fuel price decisions are clearer and more understandable. According to him, the government wants to ensure that the effects of fluctuations in the global market are transmitted to consumers in a timely and fair manner.
Speaking on the regional situation, Ali Pervaiz Malik said that the diplomatic efforts of Prime Minister Shehbaz Sharif, Field Marshal, Foreign Minister and Interior Minister are yielding positive results. He claimed that Iran and the US are moving towards a ceasefire agreement, which is expected to bring stability to the region and reduce pressure on energy markets.
He also thanked the industry and the public for maintaining oil supply during the recent uncertainty. He said that the government is reviewing its policies for long-term stability in the energy sector.
On the other hand, crude oil prices have once again recorded a decline in the global market. Analysts say the easing of tensions between Iran and the US and the prospect of trade in the Strait of Hormuz have eased concerns about oil supply. This is leading to a stabilisation of the global energy market, which could benefit countries like Pakistan that rely on imported fuel.
Economists say that if global crude oil prices remain at current levels, there could be room for further reductions in petrol and diesel prices in Pakistan, which could ease inflationary pressures and boost business activity.
