Prime Minister’s Adviser has shared the latest update on petrol prices in Pakistan as the new fuel rates are expected to announce tonight for the next week.
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According to ARY News report, Prime Minister’s Adviser Rana Sanaullah has indicated that petrol prices in Pakistan may decline further as international oil prices continue to ease following the de-escalation in tensions between the United States, Israel, and Iran.
Speaking to local media, Rana Sanaullah said the government has established a dedicated team to monitor developments in global petroleum markets and evaluate their impact on domestic fuel prices.
He said international oil prices had risen sharply during the conflict involving the United States, Israel, and Iran due to concerns over regional stability and possible disruptions to global energy supplies.
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According to the adviser, the government adopted a weekly review mechanism for petroleum prices during the period of uncertainty to respond more effectively to changes in the international market.
Rana Sanaullah explained that oil marketing companies were required to purchase petroleum products at elevated prices to maintain sufficient fuel stocks during the period of volatility.
He said allegations that oil marketing companies had earned excessive profits during the crisis did not fully reflect market realities, adding that companies also incur losses when international prices decline.
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The adviser stated that the government would review the gains and losses of companies operating in the petroleum sector while ensuring that the fuel pricing mechanism continues to function efficiently.
He reaffirmed the government’s commitment to passing on the full benefit of lower international oil prices to consumers whenever possible.
Rana Sanaullah also warned that any attempt to create an artificial fuel shortage or disrupt the petroleum market would be dealt with strictly.
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His remarks come as international crude oil prices have declined in recent days, raising expectations of additional relief for consumers if the downward trend continues.
According to market data, Brent crude fell by more than one percent on Thursday, dropping below its closing level recorded before the Middle East conflict, as investors responded positively to prospects of US-Iran peace talks and the continued movement of oil tankers through the Strait of Hormuz.
Brent crude for August delivery fell to $72.44 per barrel, compared with a closing price of $72.48 before the conflict. During the peak of regional tensions, Brent had surged to as high as $119 per barrel.
