The federal government has announced a reduction in fuel prices on Sunday, with the cost of petrol falling by Rs10 per litre from Rs259.10 to Rs249.10, effective from midnight tonight. High-speed diesel (HSD) has also seen a price cut, dropping by Rs13.06 per litre from Rs262.75 to Rs249.69.
According to sources, the price of Kerosene Oil has been reduced by Rs11.15 per litre from Rs169.62 to Rs158.47 while the price of Light Diesel Oil has been cut by Rs12.12 from Rs154.05 to Rs141.93. The current adjustments reflect the ongoing fluctuations in global oil markets and are expected to offer some relief to Pakistani consumers.
Earlier this week, Federal Minister for Petroleum, Musadik Masood Malik, stated that Pakistanis will benefit from the decline in international petroleum prices but will also bear the burden when prices rise.
Responding to a question in the National Assembly, the minister said that price fluctuations in the international market lead to speculation, making it too early to predict petroleum prices for the next fortnight.
"We often receive support from Saudi Arabia through oil on deferred payments," Malik noted, adding that domestic oil prices are determined by global market trends.
He highlighted, "We buy petroleum products against dollars and sell in rupees. Since the inception of the incumbent government, the dollar-rupee parity has stabilised.
The minister pointed out the petrol price was slashed by Rs47 per litre since May, adding there is a gradual decline in the smuggling of Iranian petrol. He said there are no criteria to regularise the smuggling, adding the country has 21-day strategic stock of petroleum products.
To a question, he said the country's gas reservoirs are depleting by the day. If additional connections are granted, it will lead to a severe gas crisis in the country. "You are not ready to pay the cost of imported gas," said Malik, adding the previous government imposed restriction on new gas connections, which was the right decision.
He said smuggling cannot be legalized, adding bringing things to the country without paying taxes is illegal. However, the minister said if the house declares smuggling as legitimate, the government will allow it.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
