The federal government declared a reduction in fuel prices effective from midnight, with petrol prices dropping by Rs10 per litre to Rs249.10 and high-speed diesel decreasing by Rs13.06 per litre to Rs249.69. Furthermore, kerosene and light diesel oil prices were lowered by Rs11.15 and Rs12.12 per litre, respectively. These adjustments, influenced by global market dynamics, aim to alleviate the financial burden on Pakistani consumers.
Federal Minister for Petroleum, Musadik Masood Malik, remarked earlier this week that Pakistanis would experience the impact of global price fluctuations. In the National Assembly, he noted the speculative nature of these markets, making it premature to forecast prices for the upcoming fortnight.
Malik also mentioned Saudi Arabia’s support, including oil on deferred payments, which influences domestic pricing and aligns it with global trends. He emphasized the correlation between purchasing petroleum products in dollars and selling them in rupees, pointing out the stabilization of the dollar-rupee parity under the current government.
According to the minister, petrol prices have been reduced by Rs47 per litre since May, contributing to a decline in the smuggling of Iranian petrol. He underscored that no framework exists to legalize smuggling, which involves untaxing goods into the country.
Addressing another query, Malik highlighted the depletion of the country’s gas reservoirs and cautioned against new connections to prevent a severe gas crisis.
