ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has indicated that the government may announce a reduction in petroleum product prices in the upcoming review, suggesting potential relief for consumers after recent global market fluctuations.
In an interview with Geo News, he explained that the rise in fuel prices recently put pressure on family budgets since fuel prices were already high during international market fluctuations caused by geopolitical uncertainties.
As per him, the current international market prices of crude oil are at their lowest levels in nearly three months, which could be used as an opportunity to reduce fuel prices in the country.
The minister highlighted that the government was determined to pass any possible relief to the public in line with global trends. The expectation of increased Iranian crude oil supplies in the international market helped reduce pressures on oil prices internationally.
The minister also said that international appreciation was being expressed for Pakistan’s leadership, including Prime Minister Shehbaz Sharif, Field Marshal Asim Munir, and Deputy Prime Minister Ishaq Dar, for their efforts in managing regional and economic challenges.
A final decision on petroleum prices is expected during the upcoming official review cycle, depending on global oil market movements.
Big News for Buyers: Govt Announces Major Ease in Used Car Import Policy
Meanwhile, the federal government has announced a significant policy shift aimed at reducing taxes on used vehicle imports and easing long-standing restrictions on their entry into the country, officials told a parliamentary committee.
According to briefing details presented to the Senate Standing Committee on Finance, the government plans to gradually relax import restrictions in line with commitments under its agreement with the International Monetary Fund (IMF). Officials said the move is intended to create a more competitive market and provide broader access to imported vehicles.
Under the proposed changes, restrictions on importing vehicles up to five years old are expected to be lifted from July, provided they meet environmental standards. In addition, the regulatory duty on used car imports is set to be reduced from 40 percent to 30 percent as part of a phased adjustment.
According to a high-ranking official from the Ministry of Commerce, these measures represent just one of the numerous measures aimed at liberalizing trade and restructuring the tariff system according to international standards. There are also plans for reducing the total import tariff to about 13.77 percent from 16.56 percent in the coming fiscal year.
Phased reduction of regulatory duties is taking place in several industries, according to information given to the committee.
However, not all proposals received approval from international financial partners. Officials confirmed that the International Monetary Fund has opposed tax exemptions on educational items, including stationery products such as pencils, sharpeners, and notebooks. These items continue to remain subject to an 18 percent sales tax introduced in the previous budget.
In separate remarks, the Federal Minister for Finance rejected additional tax relief proposals for exporters and the beverage industries, stating that existing incentives already include reductions in advance income tax, elimination of the super tax, and lower interest rates.
Meanwhile, lawmakers also approved amendments to customs laws allowing special judges expanded authority to freeze assets in cases involving money laundering or illegal financial transfers.
The policy changes signal a broader shift in Pakistan’s economic direction as the government continues to balance revenue generation with trade liberalization and structural reforms.
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