After the decline in crude oil prices globally, the possibility of getting relief in the prices of petroleum products in Pakistan has also become clear. Federal Minister for Petroleum Ali Pervaiz Malik has said that Prime Minister Shehbaz Sharif has given clear instructions that the benefit of cheaper oil in the global market should be directly passed on to the public.
According to the Petroleum Minister, a significant reduction in prices has been recorded in the international oil market in recent days, which may also have a positive impact on Pakistan’s imported energy bill. He said that the government is continuously reviewing the situation and is prioritizing public relief.
Ali Pervaiz Malik said that the government has formed a high-level committee to make the current system of determining fuel prices more transparent. This committee will propose a mechanism for determining prices on a weekly basis that will clearly inform the public on the basis of which factors the prices were increased or decreased.
He explained that the process will involve consultations with the oil industry, relevant government agencies and other stakeholders to devise a balanced and reliable system. According to him, increased transparency will not only improve consumer confidence but will also help in market stability.
The Petroleum Minister, while mentioning the situation in the region, said that news of a reduction in tensions between Iran and the US is encouraging for the global energy market. He said that if the ceasefire efforts are successful, global oil supplies could become more stable, which is likely to continue the downward trend in prices.
According to experts, the decline in global oil prices is important for Pakistan in several respects. Since the country meets a large part of its energy needs through imports, low crude oil prices can have a positive impact on foreign exchange reserves, import costs and inflation indicators.
The government maintains that despite the recent uncertainties, the oil supply chain in the country has been maintained effectively. Meanwhile, work is also underway on a new strategy for long-term security and stability in the energy sector.
Economic observers believe that if crude oil prices fall further in the global market, Pakistani consumers may get relief in the form of a significant reduction in petrol and diesel prices in the coming weeks, the effects of which will reach transport, industry and other sectors of daily life.
