Petrol prices still above pre-war levels, says petroleum minister

Islamabad: Petroleum Minister Ali Pervaiz Malik has said that the government will pass on the benefit to consumers if petrol prices decline in the international market.

Speaking to the media at Parliament House, the minister said he had presented all the relevant facts before the National Assembly's Standing Committee on Petroleum.

He noted that while global crude oil prices have returned to their pre-war levels, the price of imported petrol remains around US$15 per barrel higher than before the conflict.

Malik said Pakistan imports around 70 to 80 per cent of its petrol requirements, adding that imported petrol continues to be expensive.

He said the government had previously reduced petrol prices by Rs70 to Rs80 per litre when fiscal space became available under the Prime Minister's direction, and any further decline in international petrol prices would also be passed on to the public.

The minister also said that despite the recent regional conflict, Pakistan managed to maintain fuel supplies even without strategic oil reserves. He added that the government had commissioned an international study on establishing strategic petroleum reserves, with two firms currently working on the project.

Malik further said that oil and gas exploration companies cannot be expected to continue their operations without receiving timely payments.

On 4 July, the government reduced the prices of both petrol and high-speed diesel by Rs1.97 per litre. Following the cut, the retail price of petrol stands at Rs297.53 per litre, while high-speed diesel is priced at Rs309.50 per litre.