Petroleum Prices Reduced by Rs 47.54 per Litre Since May: NA Told

APP

Islamabad: Minister for Petroleum Division Dr. Musadik Masood Malik informed the National Assembly on Thursday that petroleum prices in the country have decreased by Rs 47.54 per litre since May.

In response to various questions, the minister explained that Pakistan purchases fuel at international market rates but often receives discounts.

“Under an agreement, we are purchasing diesel from Kuwait at international rates with a discount on the premium. Sometimes, we receive a relaxation in the payment period from friendly countries,” he added.

The minister noted that fuel prices are directly linked to the international market and the dollar-rupee exchange rate. Since the current government took office, the Pakistani rupee has stabilized against the dollar.

Dr. Malik assured that the benefits of reductions in international fuel prices are always passed on to the public.

He also mentioned that the government is working to bring retailers and wholesalers into the tax net gradually, which would help reduce the petroleum levy. An increase in the tax-to-GDP ratio would further decrease the rate of the petroleum levy.

In response to another question, the minister stated that the policy ensures a stock of petrol and diesel is maintained to meet a 21-day requirement.