Govt May Cushion Fuel Price Fluctuations

The federal government has decided to absorb short-term fluctuations in petroleum prices and currently does not anticipate a significant adjustment in fuel rates in the immediate future, according to Petroleum Minister Ali Pervaiz Malik.

During an appearance on a private television talk show, Malik stated that Prime Minister Shehbaz Sharif had directed authorities to cushion potential increases in fuel prices in order to reduce the financial burden on the public. The minister explained that the government aims to shield consumers from additional pressure following the recent rise in petrol and diesel prices announced last week.

On March 6, the federal administration increased the retail prices of petrol and high-speed diesel by Rs55 per litre each after disruptions in global oil supply caused by the ongoing conflict in the Middle East. At the time, the minister indicated that price adjustments could be reversed once international market conditions stabilised.

Providing an update on Tuesday, Malik said there were currently no clear signals suggesting a major immediate shift in domestic fuel prices. Referring to recent remarks by Donald Trump regarding Iran and discussions among the Group of Seven countries about potentially releasing strategic oil reserves, he noted that prevailing developments do not point toward a significant escalation in global prices.

The minister further stated that the government is prioritising uninterrupted availability of petroleum products across the country. He added that Pakistan must maintain adequate reserves and ensure the continuity of supply chains if the regional conflict persists for an extended period.