Petroleum Minister Promises public relief if global fuel prices decline

ISLAMABAD: Petroleum Minister Ali Pervez Malik says that if the price of petrol decreases in the global market, the benefits will be passed on to the public.

Talking to the media at the Parliament House, the Petroleum Minister said that the Standing Committee on Petroleum should present all the facts, the price of crude oil has come down to the pre-war level, however, the price of the petrol we import is still $15 more than the pre-war price.

Ali Pervez Malik said that we import 70 to 80 percent of petrol, petrol is getting expensive from behind, when the space was created, the Prime Minister reduced the price of petrol by Rs 70 to 80 and if the price of petrol in the global market decreases further, the benefit will be passed on to the people.

He said that during the recent war situation, despite the lack of strategic storage and resources, the work went on, a global study was called on strategic reserves, on which 2 firms are working.

It may be recalled that on July 4, the government reduced the price of petrol and diesel by Rs 1.97 per liter.

After the reduction in the prices of petroleum products, the new price of petrol is Rs 297.53 per liter, while the new price of diesel is Rs 309.50 per liter.