Petrol prices may ease if global oil rates hold steady: minister

Petroleum Minister Ali Pervez Malik announced on Sunday that consumers could potentially see lower petrol prices in the coming days if global oil rates remain consistent. Speaking to the media, Malik explained that the Oil and Gas Regulatory Authority (OGRA) is responsible for determining petroleum prices, which are based on a seven-day average of international oil prices.

He noted that oil is costly both internationally and in Pakistan, drawing attention to the economic difficulties experienced during the Iran-US conflict.

Malik also highlighted that neighboring countries have encountered fuel shortages, with some drivers receiving only a limited amount of petrol, such as one or two liters, upon presenting identification cards. He mentioned that the Finance Ministry had entered into some agreements while drafting the federal budget. The minister emphasized the necessity to innovate within the energy sector, stressing the importance of developing alternative energy arrangements.

Regarding the federal government's commitments on petroleum levy, Malik assured that it had been neither reduced nor increased. He also highlighted the importance of discussing how power and authority could be transferred to the grassroots level, as he believed such a conversation was essential for improvement. Malik further noted that if any change was deemed necessary, the Constitution provides a clear procedure for making such amendments. He concluded by stressing that all decisions should be made in the best interest of Pakistan.