Pakistan’s Petroleum Minister Ali Pervaiz Malik has assured the public that no further increase in fuel prices is expected in the near future, stating that the government is committed to absorbing the impact of global oil price shocks.
Speaking during a television interview, the minister explained that the recent increase in petroleum prices was unavoidable due to extraordinary circumstances in the international oil market, particularly because of rising tensions in the Middle East.
Last week, the government announced a significant increase of Rs55 per litre for petrol and diesel following a sharp rise in global oil prices. The surge was largely attributed to disruptions in global supply routes after the closure of the Strait of Hormuz, a key passage for international oil shipments.
Despite the increase, Ali Pervaiz Malik emphasized that Prime Minister Shehbaz Sharif has directed authorities to ensure that future fluctuations in international oil prices do not immediately translate into higher domestic fuel prices.
According to the minister, the government will adopt several strategies to manage any upcoming oil price shocks. These measures may include austerity initiatives, energy conservation efforts, budgetary adjustments, and targeted taxation policies.
Malik stated that the government aims to protect citizens from additional financial burdens while ensuring a stable supply of fuel across the country.
He also noted that Pakistan had entered the crisis in a relatively stable position due to prior energy planning and reserves. However, he warned that the ongoing Middle East crisis could continue for an uncertain period and must be treated as a long-term challenge.
The minister compared the situation to preparing for a long test match, explaining that Pakistan must carefully manage its available fuel reserves to maintain supply stability.
Addressing criticism from political leaders regarding the recent fuel price hike, Malik said political debates should focus on practical solutions rather than blame. He urged critics to propose realistic alternatives if they oppose government decisions.
On the issue of gas supply, the minister assured that Pakistan will not face shortages during the current month, thanks to two gas cargoes that arrived before the escalation of the Middle East crisis.
However, he acknowledged that if the international situation continues for a longer period, the government may need to explore additional supply arrangements or implement conservation measures.
Malik also pointed out that the Middle East crisis is impacting more than just petroleum prices. It is also affecting imports, remittances, and overall economic stability.
He emphasized that the government is closely monitoring global developments and will take practical steps to minimize economic pressure on citizens.
The minister concluded by reiterating that Prime Minister Shehbaz Sharif is personally overseeing energy management policies to ensure that Pakistan maintains stable fuel supplies and reasonable prices despite ongoing global challenges.
