ISLAMABAD (Kashmir English): Pakistan’s federal petroleum minister Ali Pervaiz Malik has called on people to cut down their use of fuel as the global prices of oil keep increasing.
On a private TV show, Malik observed that the government could not do anything to counter the changes in the international oil market. He said reducing demand was the only option for decreasing the effects of the increase in global prices.
According to the petroleum minister, there are enough reserves of petroleum in Pakistan right now. In addition, he said oil marketing companies were required to have fuel stock equal to 20 days’ consumption in accordance with their license requirement.
Malik said that there was crude oil stock in local refineries that would be sufficient for running them for five to seven days. On the other hand, he observed that there were several developments globally that were creating pressure in the oil market.
US President Donald Trump’s proposed fee of 20 percent on oil carried in ships to Iran was one such development. The petroleum minister further said that the Strait of Hormuz was virtually closed for now, but Pakistan still got petroleum from Fujairah and other ports.
The reduction in the tax on petroleum products was noted by Malik in comparison with the period before the recent regional dispute. At the same time, Malik appealed to the authorities to introduce austerity policies.
On the other hand, Malik also appealed to people not to waste fuel resources. According to Malik, the saving of energy resources will be possible due to both government and individual actions.
