New formula could reduce petrol price by Rs15 per litre

Petroleum Minister Ali Pervaiz Malik said on Monday that petrol prices could be reduced by Rs15 per litre under a proposed new formula, provided oil refineries extend their cooperation.

Speaking at a press conference in Islamabad alongside Information Minister Attaullah Tarar, Malik said providing relief to the public was a key priority of Prime Minister Shehbaz Sharif.

He said the government would hold a meeting with oil refineries on Tuesday to discuss the proposed formula and other related matters. The minister expressed hope that cooperation from refineries would help make petrol cheaper by Rs15 per litre.

Malik said the government was exploring ways to reduce the burden of fuel prices on consumers. However, the proposed reduction would depend on the outcome of discussions with the refineries.

Information Minister Attaullah Tarar said the prime minister had issued strict instructions to prevent a Rs15 per litre increase in petrol prices.

He said the government had so far provided Rs27 billion in relief to consumers under its petrol relief measures.

Tarar added that petrol prices were due to rise by Rs15 per litre on Friday. However, oil refineries absorbed the additional cost, preventing the increase from being passed on to consumers.

The two ministers said the government was continuing efforts to provide relief amid pressure from rising fuel costs. Further details of the proposed pricing formula are expected after the meeting with oil refineries.