Petrol prices may bring ‘good news’ in next two days: minister

Petroleum Minister Ali Pervez Malik stated on Sunday that consumers could potentially experience positive developments in petroleum prices within the next two days, assuming international oil prices remain steady. Speaking to the media, the minister highlighted that the Oil and Gas Regulatory Authority (OGRA) is the entity responsible for setting petroleum prices, which are determined based on a seven-day average of international oil prices.

Malik acknowledged that oil prices are high both internationally and in Pakistan, referencing the economic hardships experienced during the Iran-US conflict. He emphasized the challenges faced by neighboring nations, which have also encountered fuel shortages, with some motorists receiving only one or two liters of petrol after presenting their identity cards.

Malik revealed that the Finance Ministry had made certain arrangements while drafting the federal budget and stressed the necessity of establishing new mechanisms within the energy sector, stressing the importance of creating alternative energy arrangements. He noted that knowledgeable individuals recognize the significance of developing diverse energy sources.

The minister also affirmed that Prime Minister Shehbaz Sharif had upheld the government's commitments concerning the petroleum levy, clarifying that the levy had neither been decreased nor increased.

Additionally, Malik advocated for a dialogue on the transfer of power and authority to the grassroots level, emphasizing the importance of such discussions for improvement. He indicated that if any modifications were necessary, the Constitution outlines the process for implementing such changes. Malik concluded by emphasizing that any decision should be made in the best interest of Pakistan.