On Thursday, Musadik Masood Malik, the Minister for the Petroleum Division, announced in the National Assembly that the prices of petroleum in Pakistan have dropped by Rs47.54 per litre since May.
He explained that while Pakistan buys fuel based on international market rates, the country benefits from discounts and extended payment terms from friendly nations, which help ease the cost.
Malik highlighted that the prices of petroleum products in Pakistan are affected by changes in the international market and the exchange rate between the dollar and the rupee.
These factors play a significant role in determining the prices the public pays for fuel. He reassured the public that when fuel prices decrease globally, the government ensures that these reductions are passed on to the consumers in Pakistan.
In addition, the minister mentioned that the government is working on efforts to increase the tax-to-GDP ratio, which would help reduce the need for a high petroleum levy. This move is aimed at providing further relief to the public.
He also revealed that from September 15, there is an expected further reduction in petroleum prices by Rs10 to Rs11 per litre, giving hope for more affordable fuel in the near future.
These measures reflect the government’s commitment to managing the impact of international price changes on the local market, while trying to provide relief to the public amidst economic challenges.
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