ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik, while defending the government’s decision to maintain the prices of petrol and high-speed diesel, has said that the government is neither providing extraordinary benefits to any specific sector nor is it imposing an unjustified financial burden on any class. He said that the prices of petroleum products are determined keeping in mind a comprehensive economic assessment, the global market situation and the country’s financial obligations.
In a statement issued on social media platform X on Saturday, the federal minister said that the government is committed to providing all possible relief to the people within the scope of its international obligations and financial requirements. According to him, the impression that the government is prioritising the interests of any one sector or ignoring the public interest is not correct.
Along with his statement, Ali Pervaiz Malik also shared a comparative record of crude oil prices in the global market last week. According to him, during June 22-26, the price of petrol at the global level ranged from $90.36 to $98.35 per barrel, while the price of high-speed diesel ranged from $104.79 to $109.09 per barrel. He said that the decrease or increase in global prices is not the only measure for determining local prices, but import costs, exchange rates, taxes, the petroleum levy, reserves and other financial factors are also part of this process.
Referring to the performance of Prime Minister Shehbaz Sharif’s government, the petroleum minister said that the current government has reduced the price of petrol by a total of Rs155 per litre while the price of high-speed diesel by Rs200 per litre during its tenure. He said that whenever global conditions and financial capacity permit, the government passes on the benefit directly to the consumers.
The government’s stance comes at a time when the decision to maintain the prices of petroleum products is being criticised by various political parties and public circles. Critics say that crude oil prices in the global market have returned to the levels before the recent tension, so the government should have announced a further reduction.
Former Sindh Governor Muhammad Zubair questioned why the full benefit of the reduction in international prices is not being passed on to the public. Pakistan Tehreek-e-Insaf leader Haleem Adil Sheikh also alleged that the government has once again avoided providing relief to consumers despite the reduction in the global market.
Meanwhile, Jamiat Ulema-e-Islam (F) spokesperson Aslam Ghauri also criticised the decision to maintain prices, terming it as an increase in public hardship. He said that the government, like in the past, has prioritised the interests of the oil sector over the people this time too. Similarly, some observers also demanded that the government immediately pass on the effects of the reduction in the global market to local consumers.
It should be noted that the government had announced on Friday night to maintain the price of petrol at Rs 299.50 per litre and the price of high-speed diesel at Rs 311.47 per litre. Earlier, after the decline in global prices last week, the price of petrol was reduced by Rs 74 and the price of diesel by Rs 67 per litre.
According to economists, the change in the prices of petroleum products has an impact not only on transport but also on inflation, agricultural costs, industrial activities and overall economic stability. This is why every decision by the government regarding petroleum prices becomes the focus of special attention of the public, the business community and the financial markets.
