LAHORE – The government is reviewing petroleum prices amid a decline in international crude oil rates, raising expectations of further relief for consumers in the coming days.
Prime Minister’s Adviser on Political and Public Affairs Rana Sanaullah said a committee had been tasked with assessing the impact of falling global oil prices and determining whether another reduction in domestic fuel prices was warranted.
He said international crude prices had retreated after easing tensions in the Middle East reduced concerns over potential disruptions to energy supplies through the Strait of Hormuz, a key global oil transit route.
According to Sanaullah, the government adopted a weekly petroleum pricing mechanism during the recent regional crisis to respond more effectively to volatility in international markets.
He said oil marketing companies had imported fuel at elevated prices to ensure uninterrupted supplies across the country during the period of uncertainty.
Responding to criticism regarding profits earned by oil companies during the price surge, Sanaullah said fluctuations in international markets affected both gains and losses for businesses operating in the sector.
“There are times when companies benefit and there are times when they face losses,” he said, adding that market realities should be taken into account when assessing the performance of oil marketing firms.
The adviser stressed that Pakistan’s petroleum pricing system operated under an established framework and cautioned against unnecessary intervention that could disrupt market operations.
At the same time, he said the government would monitor the financial position of oil companies and consider appropriate measures if firms faced undue pressure as prices declined.
Sanaullah also warned that strict action would be taken against any company found attempting to create artificial shortages or disrupt fuel supplies.
With international crude prices continuing to soften, market observers expect the government to announce a further reduction in petrol and diesel prices in its upcoming review, potentially providing additional relief to consumers.
