- The government ensures uninterrupted fuel supply: minister.
- Malik suggests Pakistan prepare for a “Test match”.
- Says no clear end in sight to the conflict in the Middle East.
Oil Minister Ali Pervaiz Malik said on Tuesday that the government has decided to absorb any potential fluctuation in fuel prices, suggesting that there is no imminent significant change in prices.
The federal government on March 6 announced a sharp hike of Rs 55 per liter in the price of petrol and diesel each, following global oil supply disruptions from the ongoing war in the Middle East.
At the time, the oil minister said the government would lower prices immediately when the situation improved.
Speaking today at Pakinomist news program ‘Capital Talk’ today, Malik said Prime Minister Shehbaz Sharif decided he would do everything possible to counter any potential rise in oil prices.
“I think there will be nothing significant in this [prices] in reasonable time as the government has decided to absorb them to prevent hardship to the public,” he added.
While acknowledging the increased burden on the public due to the increase, the minister said the government was ensuring uninterrupted supply of petroleum products across the country.
The minister suggested the country prepare for a “test match” and noted that the conflict in the Middle East had no clear end in sight.
“You’re going to have to try to expand your reserves and maintain your supply line,” he said.
However, he indicated that prices were unlikely to change drastically following remarks by US President Donald Trump on the Iran conflict and G7 discussions on potentially releasing some of their strategic oil reserves.
“While nothing can be said with certainty, it appears at this stage that we will not see significant price changes,” he added.
Malik’s remarks about the government absorbing fuel price fluctuations come just a day after Prime Minister Shehbaz Sharif unveiled a plan for austerity and fuel savings.
Addressing the nation on Monday, the prime minister said the measures were necessary to deal with the prevailing global fuel crisis triggered by the ongoing conflict between the US and Israel.
“The entire region is currently in a state of war,” the prime minister said, adding that Pakistan was doing everything through diplomatic channels to help resolve the situation.
Prime Minister Shehbaz then announced that both the federal and provincial governments would adopt austerity and simplicity to reduce expenditure and save energy during the challenging economic situation.
The measures included cutting public spending, reducing the working week to four days and reducing non-essential movements.
Prime Minister Shehbaz also announced that members of the federal cabinet, advisers and special assistants would not draw salaries for the next two months, while members of parliament would face a 25% pay cut for the same period.
