Diesel price likely to drop by over Rs30 per litre, says petroleum minister

Islamabad (Web Desk): Minister for Petroleum Ali Pervaiz Malik has said the country’s oil refineries have agreed to cut the price of diesel by approximately Rs32 per litre, a move aimed at easing the financial burden on consumers.

Addressing a press conference alongside Information Minister Attaullah Tarar in Islamabad on Wednesday, he said the exact reduction in diesel prices would be determined and announced by the Oil and Gas Regulatory Authority (OGRA).

Ali Pervaiz Malik said that the government was aware of the hardships people were facing amid the ongoing war and was taking all possible steps within its available resources to provide relief to the public.

He noted that the proposed reduction would offer significant relief to farmers who depend on diesel-powered tractors and tube-wells, while students commuting through buses would also benefit from lower transport costs.

Malik expressed appreciation to the country’s refineries for responding positively to the government’s request, stressing that consumers would receive the entire benefit of the reduction without any deduction by the government.

The minister further said that following Prime Minister Shehbaz Sharif’s directions, he would travel to Karachi next week to meet representatives of the refineries and discuss their modernisation, along with steps aimed at enhancing Pakistan’s energy security.

The government, he added, would also explore bonded schemes and arrangements for storing crude oil in cooperation with friendly countries in order to reduce vulnerabilities and strengthen resilience within the country’s energy sector.

Calling on citizens to remain patient, the petroleum minister said the government would continue pursuing measures to reduce the public’s financial burden as and when additional fiscal space became available.