The government has announced a major reduction in the price of high-speed diesel, with Petroleum Minister Ali Pervez Malik saying the price will be cut by Rs30 to Rs32 per litre.
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Speaking at a press conference alongside Information Minister Attaullah Tarar, the petroleum minister said the official notification for the reduction was expected to be issued within hours.
Ali Pervez Malik said the government was working with oil refineries to provide significant relief to consumers amid rising international petroleum prices.
The minister said the ongoing war had created serious difficulties for people and that the government was taking steps to reduce the impact on consumers.
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He said international oil prices had risen sharply due to the intensity of the conflict, while refined petroleum products had also become considerably more expensive in global markets.
According to the minister, diesel availability had also emerged as an issue in Russia amid the conflict. Pakistan, however, produces a significant portion of its diesel domestically through local refineries.
Ali Pervez Malik said Prime Minister Shehbaz Sharif had directed the government to hold consultations with oil refineries over the rising cost of petroleum products.
Following the discussions, the refineries agreed to support the government’s efforts to reduce the price of diesel, he added.
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The minister said the Oil and Gas Regulatory Authority (OGRA) would issue the official notification for the diesel price reduction today.
Ali Pervez Malik said Prime Minister Shehbaz Sharif had taken the decision with the aim of providing major relief to the public.
He added that the government had also explored tax relief measures in consultation with the International Monetary Fund (IMF).
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The petroleum minister thanked oil refineries for cooperating with the government’s efforts and urged the public to remain patient.
He said the government was aware of the difficulties being faced by citizens and was taking every possible step to provide relief.
Earlier in the day, Prime Minister Shehbaz Sharif directed Federal Minister for Petroleum Ali Pervez Malik to immediately take relief measures regarding fuel prices.
The federal minister called on the PM, during which the premier directed him to negotiate with oil refineries and instructed him to travel to Karachi immediately to lead the talks.
Minister for Information and Broadcasting Attaullah Tarar, Minister for Economic Affairs Ahad Khan Cheema, Minister for Climate Change Dr Musadik Malik and MNA Hamza Shehbaz were also present at the occasion.
