Petroleum minister rules out preferential treatment for any sector, says 'good news' likely in coming days

Petroleum Minister Ali Pervaiz Malik on Saturday ruled out the impression that the government was giving any preference to any sector, saying good news was likely for the public in the coming days.

The federal government on Friday kept the prices of petrol and high-speed diesel unchanged from the current level for the next week. This is despite continuously falling oil prices in the international markets. Crude prices ​sank 2% and were headed for steep weekly losses amid easing supply concerns as ‌more stranded oil tankers exited the Strait of Hormuz.

Malik said that the Prime Minister Shehbaz Sharif's top priority was the protection of consumer rights, adding that a high-level committee had been constituted under his directives to ensure transparency in petroleum pricing and that positive developments were expected soon.

He said the government was closely monitoring international oil market trends and urged the public to review the international Platts prices for petrol and diesel this week, noting that pricing decisions were being made on a fair and transparent basis.

The minister stated that the government was neither favouring any sector nor imposing an undue burden on consumers, adding that it remained committed to passing on any available benefit to the public while staying within the framework of international obligations.

Highlighting the government’s performance, he said that under the leadership of PM Shehbaz, petrol prices were reduced by Rs155 per litre and diesel by Rs200 per litre so far, reflecting consistent efforts to provide relief to the public.

Malik further shared that international Platts benchmark prices for petrol and high-speed diesel (HSD) for the current week show fluctuations in global markets, adding that despite challenging global conditions, including war-related uncertainties, fuel supply had remained stable without shortages.

The minister said citizens can clearly observe that pricing was being handled fairly and transparently and reiterated that the government was working continuously to reduce the financial burden on people in line with PM directives.

Malik concluded that the government would continue to ensure fair, transparent and responsible petroleum pricing, reaffirming its commitment to consumer protection and sustained efforts to provide relief in line with international market conditions and the prime minister’s directives.

As global oil prices surged after the US-Iran war, the government had raised domestic fuel prices by more than 50%. Petroleum product rates were increased twice during the first week of March, with the government stating that the hikes exceeded the increase in international market prices. The sharpest increase, however, was witnessed in April.

In April, the government raised the petrol price by Rs137 per litre, taking it to a record Rs458.4 per litre. Days later, the premier had announced an Rs80 per litre reduction in the petroleum levy on petrol, bringing its price down to Rs378 per litre.

On June 12, the government cut the price of petrol by Rs4 per litre and that of high-speed diesel by Rs2 per litre for the next week. Earlier on June 5, the government reduced the price of petrol by Rs4 per litre. Before that, the government reduced the prices of petrol and diesel by Rs22 per litre, describing the move as an “Eid gift” for the public.