The government on Wednesday announced a significant decrease in diesel prices following talks with petroleum refineries, Petroleum Minister Ali Pervez Malik said, with the reduction expected to exceed Rs30 to Rs32 per litre.
The announcement follows a string of consecutive diesel price hikes, driven by a sharp rise in global petroleum prices amid the escalating war in the Middle East. “Prime Minister Shehbaz Sharif also made a request to the refineries. He instructed me, and after that we had two or three virtual meetings with the refineries,” Malik told reporters.
“I am happy to announce that the refineries have accepted the government’s demand while acknowledging the difficulties, and decided on a significant decrease in the price of diesel, of more than Rs30 or Rs32,” he said, adding that OGRA would finalise the figure following its own calculations.
Malik said the government remains aware of the hardship faced by the public amid rising petroleum product prices linked to the Middle East conflict. “The government is trying its best to address these issues using its limited resources, and Prime Minister Shehbaz Sharif is issuing orders to address them without wasting a single moment,” he said.
The minister added that the government has allocated more than Rs100 billion over the past three to four months to shield the public from rising prices, despite operating under an IMF programme.
