- Government guarantees uninterrupted fuel supply: minister.
- Malik suggests Pakistan prepare for a ‘test match’.
- He says there is no clear end in sight to the Middle East conflict.
Oil Minister Ali Pervaiz Malik said on Tuesday that the government had decided to absorb any potential fluctuations in fuel prices, suggesting there would be no significant change immediately.
The federal government on March 6 announced a steep increase of Rs 55 per liter in the price of petrol and diesel each, following disruption in global oil supply due to the ongoing war in the Middle East.
At the time, the oil minister said the government would quickly reduce prices as soon as the situation improved.
Speaking today on PK Press Club News Today, on ‘Capital Talk’, Malik said that Prime Minister Shehbaz Sharif has decided that he will do everything possible to cushion any potential increase in oil prices.
“I don’t think there will be anything significant in it [prices] within a reasonable time frame, because the government has decided to absorb them to avoid difficulties for the population,” he added.
While acknowledging the increased burden placed on the people due to the hike, 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”, stressing that the conflict in the Middle East had no clear end in sight.
“You will have to try to expand your reserves and maintain your supply line,” he said.
However, he said prices were unlikely to change dramatically following US President Donald Trump’s remarks 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 the moment that we will not see any significant price changes,” he added.
Malik’s remarks on the government’s absorption of fuel price fluctuations come just a day after Prime Minister Shehbaz Sharif unveiled an austerity and fuel-saving plan.
Addressing the nation on Monday, the prime minister said the measures were necessary to address the global fuel crisis triggered by the ongoing conflict between the United States, Israel and Iran.
“The entire region is currently in a state of war,” the prime minister said, adding that Pakistan was doing everything possible through diplomatic channels to help resolve the situation.
Prime Minister Shehbaz then announced that the federal and provincial governments would embrace austerity and simplicity to reduce expenses and save energy in a difficult economic situation.
The measures included a reduction in public spending, a reduction of the working week to four days and a reduction in non-essential travel.
Prime Minister Shehbaz also announced that federal cabinet members, advisors and special assistants would not get their salaries for the next two months, while MPs would face a 25% pay cut during the same period.
