ISLAMABAD: Petroleum Minister Ali Pervaiz Malik has indicated that fluctuations in energy prices are expected to continue until a permanent ceasefire is established. He emphasized the significant roles played by Prime Minister Shehbaz Sharif, the Deputy Prime Minister, and the Field Marshal in managing the current energy crisis.
Notably, the minister recalled that on February 28, diesel was priced at $90 per barrel, but prices later surged dramatically, exceeding $300 per barrel. He explained that Pakistan relies on oil imports, and the government’s ability to subsidize fuel is constrained by limited financial resources.
In a significant development, the federal government, with provincial support, has allocated Rs100 billion in subsidies to ease the burden on the public. Malik also pointed out that unlike India, where petrol queues became common, Pakistan did not experience such shortages or panic buying.
The minister highlighted the government’s efforts to provide relief to ordinary citizens throughout the crisis. He further mentioned that Pakistan is currently operating under an IMF program, which includes an agreement imposing an Rs80 levy on petrol and diesel.
He added that the prime minister incorporated the diesel levy into petrol prices, resulting in a current levy on petroleum products that is actually lower than the pre-war level. Ali Pervaiz Malik acknowledged the hardships faced by the public and assured that the government is making responsible decisions to address the situation.
Meanwhile, Pakistan has formally requested the IMF to temporarily reduce the levy to offer additional relief to consumers amid ongoing price volatility.
