ISLAMABAD (Kashmir English): Federal Minister for Petroleum Ali Pervaiz Malik on Tuesday said the government is committed to passing on the full benefit of declining global oil prices to the public, adding that reducing the burden of fuel costs remains a top priority.
Speaking to reporters at Parliament House, the minister said the Oil and Gas Regulatory Authority (OGRA) determines the prices of petroleum products every week based on international market trends, a mechanism that has been in place for the past two decades.
He said OGRA calculates new fuel prices by considering average global oil prices, import costs, and the Pakistan State Oil (PSO) expenses.
Malik further said that, on the instructions of Prime Minister Shehbaz Sharif, the government had allocated Rs130 billion for the provision of subsidised fuel, benefiting motorcyclists and public transport users.
The petroleum minister clarified that profits or losses incurred by commercial entities are the responsibility of the respective companies; however, the government would ensure that reductions in global oil prices are reflected in domestic fuel prices so consumers receive the maximum possible relief.
