ISLAMABAD – Federal Petroleum Minister Ali Pervaiz Malik has said the government is committed to passing on the full benefit of falling global oil prices to the public, adding that reducing the burden of fuel costs on citizens remains a top priority.
Speaking to the media in Islamabad, the minister said the Oil and Gas Regulatory Authority determines petroleum prices on a weekly basis according to international market rates, a mechanism that has been in place for the past 20 years.
He explained that OGRA sets new prices by taking into account average global oil prices, import costs and the expenses incurred by Pakistan State Oil.
Ali Pervaiz Malik said that on the instructions of the prime minister, Rs130 billion had been allocated to provide cheaper fuel and relief to motorcyclists and public transport users.
He further clarified that profits or losses of businesses are the responsibility of the respective companies, but the government will ensure that any reduction in international oil prices is transferred to consumers in full so they receive maximum possible relief.
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