Petroleum Minister Says Global Fuel Price Cuts Will Be Passed on to Public

Federal Petroleum Minister Ali Pervez Malik said the government will ensure that the benefit of declining global oil prices is fully transferred to consumers. Speaking to the media in Islamabad, he said reducing the burden of fuel costs on the public remains a government priority.

The minister said the Oil and Gas Regulatory Authority (OGRA) determines fuel prices every week according to international market rates. He explained that the pricing mechanism, which has been in place for two decades, takes into account global price averages and the costs of the Pakistan State Oil (PSO).

Ali Pervez Malik said Prime Minister Shehbaz Sharif had allocated Rs130 billion for providing affordable fuel, including relief for motorcycle users and public transport. He added that companies would be responsible for managing their own profits and losses.

The petroleum minister reiterated that any reduction in global oil prices should be reflected in domestic fuel prices and that consumers should receive complete relief from lower international rates.