ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik on Saturday indicated that consumers could receive relief in petroleum prices in the coming days, a day after the government kept petrol and high-speed diesel (HSD) prices unchanged in its latest fortnightly review.
Speaking to a local media outlet, Malik said a high-level committee constituted on the directives of Prime Minister Shehbaz Sharif would oversee petroleum price determination to ensure transparency and safeguard consumer interests.
Under a notification issued by the Petroleum Division on Friday, the price of petrol remained unchanged at Rs299.50 per litre, while high-speed diesel (HSD) was retained at Rs311.47 per litre until further orders. However, the Oil and Gas Regulatory Authority (OGRA) reduced the price of kerosene by Rs6.85 per litre, bringing it down to Rs227.05 from Rs233.90.
Malik said the government was closely monitoring developments in international oil markets and would pass on any available benefit to consumers while meeting its international obligations.
He said the government was committed to protecting consumers and would not favour one sector at the expense of another.
In a post on X, the petroleum minister highlighted the decline in international Platts benchmark prices during the week. According to the figures shared, petrol prices fell from $98.35 per barrel on June 22 to $91.68 per barrel on June 26, while the HSD benchmark declined from $109.09 per barrel to $100.92 per barrel over the same period.
Malik said the government had reduced petrol prices by Rs155 per litre and diesel prices by Rs200 per litre so far as part of its efforts to provide relief to the public.
He added that fuel supplies remained stable despite volatility in global oil markets and uncertainty arising from regional conflicts, with no shortages reported across the country.
According to Petroleum Division sources, the petroleum levy on HSD was increased by Rs6.57 per litre to Rs79.54, while the levy on petrol was raised by 39 paisas to Rs66.64 per litre. The levy on kerosene remained unchanged at Rs20.36 per litre.
In the previous fortnightly review, the government reduced petrol prices by Rs74 per litre, HSD by Rs67 per litre, and kerosene by Rs48.29 per litre.
The reductions followed the US-Iran peace agreement and the reopening of the Strait of Hormuz, developments that eased concerns over global oil supplies and contributed to lower international crude prices.
Malik said the government would continue to pursue fair, transparent and responsible petroleum pricing in line with international market conditions and the prime minister’s directives.