Federal Minister for Petroleum Ali Pervaiz Malik has indicated that consumers could receive relief in fuel prices if international oil rates remain stable over the next two days.
Speaking at a press conference in Lahore, Malik said Pakistan imports around 90% of its energy requirements, leaving domestic fuel prices particularly sensitive to fluctuations in global markets.
He acknowledged the pressure of high petrol prices on consumers and said Prime Minister Shehbaz Sharif had sought to minimise the impact on households despite fiscal constraints associated with Pakistan’s IMF programme.
The minister said recent regional conflict had caused temporary disruptions to energy supplies, adding that even countries maintaining fuel reserves worth billions of dollars experienced queues at petrol stations during the crisis.
Malik said the government had taken difficult economic decisions over the past two to three years to avert the risk of default and stabilise the economy.
He also described Pakistan as an increasingly important regional security provider, saying the country’s next major objective was to achieve sustained financial stability.
On the immediate fuel price outlook, Malik said that if international oil prices remain stable over the coming two days, the public could expect “good news” on domestic petroleum prices.