Minister for Petroleum Division, Musadik Masood Malik, informed the National Assembly that since May, petroleum prices in Pakistan have dropped by Rs47.54 per litre. Malik explained that while Pakistan purchases fuel at international market rates, it benefits from discounts on the premium, particularly under an agreement with Kuwait for diesel.
Malik also highlighted that friendly nations sometimes offer extended payment periods for fuel. He emphasized that fuel prices in Pakistan are directly tied to global markets and the exchange rate of the dollar to the rupee. Since the current government took office, the rupee has stabilised, helping reduce fuel costs for consumers.
The minister reassured that any reductions in international fuel prices are passed on to the public. Additionally, he noted that efforts are underway to bring retailers and wholesalers into the tax net, which could ultimately reduce the petroleum levy. Malik added that Pakistan maintains a stock of petrol and diesel sufficient to meet a 21-day demand.
Meanwhile, sources predict that petrol and diesel prices may drop by Rs10 per litre from September 15, unless the government decides to increase the petroleum levy to address revenue shortfalls.
