Petroleum prices reduced by Rs 47.54 per litre since May: Petroleum Minister

ISLAMABAD: Petroleum Minister Musadik Masood Malik said that the petroleum prices in Pakistan have witnessed a Rs 47.54 per litre decrease since May.

Responding to various questions in the National Assembly, the minister said, “Pakistan purchases fuel at international market rate, however, we get some discount on its premier.”

“Under an agreement, we are purchasing diesel from Kuwait at an international rate with a discount on the premier. Sometimes, we get relaxation in the payment period of the fuel cost from friendly countries”, he added.

The minister said fuel prices were directly linked with the international market, besides dollar-rupee parity. Since the inception of the incumbent government, the Pakistani rupee had stabilized against the dollar, he added.

Musadik said the benefit of a reduction in fuel prices in the international market was always passed on to the people.

The minister said the government was making efforts to bring retailers and wholesalers under the tax net gradually so petroleum levy could be minimized. With the increase in tax to GDP ratio, the rate of petroleum levy would decrease, he added.

To a question, he said that as per policy, the stock of petrol-diesel was always maintained in the country to meet 21 day’ requirements.