Prime Minister’s Adviser Rana Sanaullah has indicated that petrol prices in Pakistan could decline further if international crude oil prices continue their downward trend.
Speaking on the issue, Sanaullah said the government was closely monitoring developments in global oil markets after easing tensions in the Middle East led to a fall in crude prices.
He said a special committee had been formed to assess international price movements and their impact on domestic petroleum rates.
He explained that global oil prices surged during the recent conflict involving the United States, Israel and Iran due to fears of supply disruptions and regional instability.
In response to the volatile market, the government adopted a weekly review mechanism for petroleum prices.
Sanaullah said oil marketing companies were compelled to purchase fuel at elevated prices during the period of uncertainty to maintain adequate supplies across the country.
He rejected claims that the companies had earned excessive profits, saying such assertions failed to account for the risks associated with fluctuating global markets.
He noted that while companies may benefit when prices rise, they also face losses when the market moves in the opposite direction.
The government, he added, would take both gains and losses into account while ensuring that the petroleum pricing system remains transparent and balanced.
The adviser reiterated that the government was committed to passing on the benefit of lower international oil prices to consumers.
However, he warned that any attempt to create an artificial fuel shortage or manipulate the market would be dealt with strictly.
His remarks come as international crude oil prices continue to ease, raising expectations that consumers could see another reduction in petrol prices in the next price review.
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