- 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 conflict in the Middle East.
Oil Minister Ali Pervaiz Malik said on Tuesday that the government has decided to absorb any possible fluctuations in fuel prices, without implying that there will be no immediate significant changes in prices.
The federal government, on March 6, announced a sharp increase of Rs 55 per liter in the price of petrol and diesel each, following the disruption of global oil supply due to the ongoing war in the Middle East.
At the time, the Oil Minister said the government would reduce prices quickly once the situation improved.
Speaking today at Geographic news Speaking on ‘Capital Talk’ today, Malik said Prime Minister Shehbaz Sharif decided that he would do everything possible to cushion any possible rise in oil prices.
“I think there will be nothing significant in this. [prices] within a reasonable period of time, since the Government has decided to absorb them to avoid difficulties for citizens,” he added.
While acknowledging the increased burden on the public due to the surge, the minister said the government was ensuring uninterrupted supply of petroleum products across the country.
The Minister suggested that the country prepare for a “Test Match”, pointing out that the Middle East conflict had no clear end in sight.
“They will have to try to expand their reserves and maintain their supply line,” he said.
However, he indicated that prices were unlikely to change dramatically following US President Donald Trump’s comments on the conflict with Iran and G7 discussions on the possible release of some of their strategic oil reserves.
“While nothing can be said with certainty, it appears that at this time we will not see significant changes in prices,” he added.
Malik’s comments on the government’s absorption of fuel price fluctuations come just a day after Prime Minister Shehbaz Sharif unveiled a fuel-saving and austerity plan.
Addressing the nation on Monday, the prime minister said the measures were necessary to address the ongoing global fuel crisis caused 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 making all efforts through diplomatic channels to help resolve the situation.
Chief Minister Shehbaz then announced that both the federal and provincial governments would adopt austerity and simplicity to reduce expenses and conserve energy during the difficult economic situation.
The measures included cutting government spending, reducing the work week to four days and reducing non-essential movements.
Prime Minister Shehbaz also announced that members of the federal cabinet, advisors and special assistants would not draw salaries for the next two months, while members of parliament would face a 25% pay cut over the same period.
