Petrol prices may ease if global oil rates hold steady: minister

Petroleum Minister Ali Pervez Malik on Sunday said consumers could receive “good news” on petroleum prices in the next two days if oil prices in the international market remain stable.

Talking to the media, the minister said the Oil and Gas Regulatory Authority (OGRA) was responsible for determining petroleum prices, which are calculated on the basis of a seven-day average of international oil prices.

“Oil is expensive in the international market as well as in Pakistan,” Malik said, while recalling the economic challenges faced during the Iran-US war.

He said neighbouring countries had also faced fuel shortages, with motorists in some cases being provided only one or two litres of petrol after showing their identity cards.

The minister said the Finance Ministry had entered into certain agreements while preparing the federal budget.

He stressed the need to develop new mechanisms in the energy sector, saying informed people understood the importance of creating alternative energy arrangements.

Malik said Prime Minister Shehbaz Sharif had honoured the government’s commitments regarding the petroleum levy, adding that the levy had neither been reduced nor increased.

Separately, the minister said there should be a debate on how power and authority could be transferred to the grassroots level.

“Certainly, there should be a discussion on this for improvement,” he said, adding that if any change was required, the Constitution prescribed the procedure for making such amendments.

He stressed that any decision should be taken in the best interest of Pakistan.