Public to benefit from falling global oil prices: Petroleum Minister

ISLAMABAD: Federal Minister for Petroleum, Ali Pervaiz Malik, said that it was the commitment of the government to pass on the full benefits of falling international oil prices to the citizens, mentioning that reduction in the cost of fuel remains a priority.

While addressing the media at Parliament House, the minister said that the weekly pricing of petroleum products is done by OGRA according to the trend in international markets, a practice which has been followed for the last two decades.

According to him, OGRA fixes new fuel prices according to average international oil prices, the cost of imports, and the cost of PSO.

Minister Malik further said that according to the directives of Prime Minister Shehbaz Sharif, the government had allocated Rs130 billion for the purpose of providing subsidized fuel to motorcyclists and commuters.

He made it clear that any profit or loss made by companies was the matter of these companies, but the government would make sure that the fall in international oil prices would be reflected in local fuel prices for the maximum benefit of consumers.