ISLAMABAD: Federal Petroleum Minister Ali Pervaiz Malik has said that any further relief in petrol and diesel prices in Pakistan will depend largely on developments in the international oil market.
Speaking at a press conference in Islamabad, Malik acknowledged the difficulties being faced by consumers because of higher fuel prices and said the government was compelled to increase petroleum prices because of movements in global oil markets. He added that relief would be passed on to consumers if international oil prices decline.
The minister’s remarks come amid continued volatility in international energy markets linked to renewed tensions between the United States and Iran. Rising global oil prices have increased pressure on fuel-importing countries, including Pakistan.
Pakistan has recently adopted a more frequent fuel-pricing mechanism to respond more quickly to changes in international petroleum prices. Under the current system, fuel prices are reviewed on a daily basis, allowing domestic rates to reflect movements in global markets more rapidly.
The government’s latest adjustment on October 2 increased the petrol price by Rs2.10 per litre to Rs392.76, while high-speed diesel was raised by Re0.30 to Rs399.64 per litre. The revised rates are applicable until October 5.
Earlier, the Petroleum Division had also reduced petrol and diesel prices for October 1, highlighting how quickly domestic fuel rates can change in response to international market movements.
Malik has previously clarified that Pakistan’s petrol prices are linked primarily to international prices of refined petroleum products rather than simply crude-oil prices. The government uses international benchmarks, including Platts prices, along with other costs in determining domestic fuel rates.
The minister said the government remains aware of the impact of fuel prices on ordinary citizens. He indicated that if global oil prices ease, consumers in Pakistan would also receive relief through lower domestic petroleum prices.
Meanwhile, the government has continued efforts to maintain uninterrupted fuel supplies across the country. The Petroleum Division said it is reviewing supply-chain, transportation and logistics arrangements to ensure the availability of petroleum products even during periods of regional instability.
The latest statement means that the possibility of cheaper petrol and diesel in Pakistan will remain closely tied to global refined-fuel prices, international supply conditions and regional geopolitical developments.
