ISLAMABAD – Pakistanis may see another reduction in petroleum prices this week, as the government reviews impact of falling global crude oil prices following the easing of tensions in the Middle East.
Prime Minister’s aide Rana Sanaullah said the premier formed a team to review petroleum prices, adding that fuel prices are expected to decline further if the downward trend in international oil markets continues.
Global crude prices had surged during the Iran–Israel conflict, driven by concerns that the Strait of Hormuz could be disrupted. However, with tensions easing following reports of an agreement between the United States and Iran, oil prices have gradually retreated.
Sanaullah said the government had adopted a weekly pricing mechanism during the crisis, revising petroleum prices every Friday to respond to rapidly changing market conditions. He explained that oil marketing companies were forced to purchase fuel at elevated international prices to maintain adequate supplies across the country.
Addressing criticism that companies had made excessive profits during the period of higher prices, he said such claims ignored the realities of the business. “There are times when companies benefit, and there are times when they incur losses,” he said, adding that if companies gained during the price surge, they should also be prepared to absorb part of the impact as prices decline.
He said Pakistan’s petroleum pricing system operates under established framework and warned against disrupting it, saying any unnecessary interference could create operational challenges. At the same time, he noted that the government would assess the financial position of oil companies and consider providing support if they face an undue burden.
He also delivered clear warning, saying the government would take strict action against any company found attempting to create an artificial fuel shortage or petroleum crisis.
With international oil prices continuing to soften, expectations are growing that the government could announce another cut in petrol and diesel prices in its upcoming pricing review, offering further relief to consumers.
News Desk
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