Petroleum minister vows to pass on benefit of global oil prices to consumers

ISLAMABAD – Federal Minister for Petroleum Ali Pervaiz Malik on Saturday said the government remains committed to passing on the benefit of international oil price movements to consumers while fulfilling Pakistan’s international financial commitments. In a statement shared on social media, the minister said the government was pursuing a balanced policy that neither favours any particular sector nor places an unfair burden on others. He added that every effort would be made to provide maximum relief to the public within the country’s fiscal obligations. Malik also shared international Platts benchmark prices for the period from June 22 to 26, showing fluctuations in global petroleum markets. During the week, petrol prices ranged between $90.36 and $98.35 per barrel, while high-speed diesel traded between $104.79 and $109.09 per barrel. The minister’s remarks came a day after the federal government decided to keep domestic petroleum prices unchanged for the latest fortnight, citing relative stability in international oil markets following the easing of geopolitical tensions in the Middle East. Under the latest notification issued by the Ministry of Energy (Petroleum Division), the price of petrol has been maintained at Rs299.50 per litre, while high-speed diesel continues to be available at Rs311.47 per litre. Highlighting the government’s record on fuel prices, Malik said Prime Minister Shehbaz Sharif’s administration had significantly reduced petroleum prices over time, lowering diesel by Rs200 per litre and petrol by Rs155 per litre compared to previous levels. He reiterated that the government’s objective is to strike a balance between providing public relief and maintaining economic stability, adding that decisions on petroleum prices will continue to be taken in line with international market trends and Pakistan’s financial commitments. New price fixed at Rs277/litre as Pakistan cuts petroleum product rate by Rs6.8