Petroleum minister vows to pass on benefit of global oil prices

WEB DESK: The federal minister for petroleum, Ali Pervaiz Malik, said on Saturday that the government will pass on the benefit of international oil prices to consumers while meeting its international obligations.

The federal government decided to keep petrol and high-speed diesel prices unchanged for the latest pricing period, as international oil markets remained relatively stable following the easing of tensions between the United States and Iran.

Malik made the statement in a post on the social media platform X, sharing the international Platts benchmark prices for petrol and high-speed diesel for the week of 22 to 26 June.

Platts benchmark prices

Petrol prices ranged between $90.36 and $98.35 per barrel while high-speed diesel prices ranged between $104.79 and $109.09 per barrel.

The minister said the government is neither favouring any sector nor placing a burden on another. He added that the government remains committed to extending relief to consumers within the framework of Pakistan’s international commitments.

Record of price reductions

Malik highlighted that Prime Minister Shehbaz Sharif has reduced the price of diesel by Rs200 per litre and petrol by Rs155 per litre.

The remarks follow the federal government’s decision on Friday to maintain existing petroleum product prices. Motor Spirit (petrol) remains at Rs299.50 per litre and high-speed diesel at Rs311.47 per litre, according to a notification from the Ministry of Energy (Petroleum Division).