ISLAMABAD ( WNAM REPORT): Federal Minister for Petroleum Ali Pervaiz Malik said the government had taken the difficult decision to increase petroleum prices to ensure an uninterrupted fuel supply in the country amid a sharp rise in international oil prices.
Speaking to the media along with Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar and Finance Minister Muhammad Aurangzeb, the minister said that when the government last reviewed petroleum prices on March 1, the Platts price of petrol was around $78 per barrel, while the average price of diesel during the previous fortnight was about $88 per barrel.
However, he said international prices have increased sharply since then. As of March 6, the Platts price of petrol had risen to $106.80 per barrel, while diesel prices had climbed to around $150 per barrel.
He said the sudden increase in global oil prices left the government with no option but to raise domestic petroleum prices to avoid any disruption in the country’s energy supply.
Keeping these factors in view, the government decided to adjust the petroleum levy and increase the prices of both petrol and diesel by Rs. 55 per litre.
Malik said diesel consumption is expected to increase in the coming months with the start of the agricultural crop season. He added that diesel is also widely used by public transport, which serves a large portion of Pakistan’s low-income population.
‘Petroleum prices raised to ensure uninterrupted supply’
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