Govt to absorb fuel price fluctuations, no major change expected soon, says petroleum minister

The government has decided to absorb any near-term fluctuation in petroleum prices and does not expect a major change in fuel rates in the coming days, Petroleum Minister Ali Pervaiz Malik said.

Speaking on a private news channel’s talk show, Malik said Prime Minister Shehbaz Sharif had decided to cushion any possible increase in fuel prices to avoid adding to public hardship. He said the government was trying to prevent further pressure on consumers after last week’s increase in petrol and diesel prices.

On March 6, the federal government raised the prices of petrol and high-speed diesel by Rs55 per litre each after disruption in global oil supplies linked to war in Middle East. At that time, the minister had said prices would be reduced once the situation improved.

On Tuesday, Malik said there was no indication of a major immediate shift in prices. Referring to recent comments by US President Donald Trump on Iran and discussions within G7 on possible release of strategic oil reserves, he said the situation currently did not point to a significant further increase.

He said the government was also focused on maintaining uninterrupted availability of petroleum products across country. Malik added that Pakistan would need to preserve reserves and keep supply lines functioning if the conflict continued for a longer period.