Petrol prices will remain volatile until permanent ceasefire

ISLAMABAD: Petroleum Minister Ali Pervaiz Malik has said that energy prices will continue to fluctuate until a permanent ceasefire is reached.

He said Prime Minister Shehbaz Sharif, the Deputy Prime Minister, and the Field Marshal played an important role in managing the current situation.

He added that on 28 February, diesel was priced at $90 per barrel, but it later surged and even crossed $300 per barrel.

Ali Pervaiz Malik said Pakistan imports oil, and the government can only provide subsidies within its limited financial capacity.

He added that the federal government, with support from the provinces, provided Rs100 billion in subsidies to the public.

He also said that unlike India, where long queues were seen at petrol pumps, such a situation did not develop in Pakistan.

The government, he said, made full efforts to provide relief to ordinary citizens during the crisis.

The minister further said that Pakistan is currently under an IMF programme, with an agreement in place for an Rs80 levy on petrol and diesel.

He added that the prime minister included the diesel levy in petrol prices, and the current levy on petroleum products is even lower than it was before the war.

Ali Pervaiz Malik said the government fully understands the difficulties faced by the public and is taking responsible decisions.

He added that Pakistan has requested the IMF to temporarily reduce the levy to provide relief to consumers.