ISLAMABAD: Adviser to the Prime Minister Rana Sanaullah has suggested that petroleum prices in Pakistan could see another reduction if the current decline in global oil markets continues.
Speaking exclusively to media, he revealed that the government has established a special monitoring team to closely track international oil price movements and evaluate their implications for local fuel rates.
Rana Sanaullah explained that crude oil prices had risen sharply during the recent tensions involving the United States, Israel, and Iran, as fears of supply disruptions and regional instability unsettled global energy markets. To respond to the rapidly changing situation, the government adopted a weekly petroleum price review system.
He noted that oil marketing companies were compelled to purchase fuel stocks at elevated prices during the period of uncertainty to ensure uninterrupted supplies across the country. Addressing criticism that these firms made excessive profits, he said such claims overlook the risks companies face when prices fluctuate unexpectedly.
According to the adviser, while companies may benefit during certain market trends, they can also suffer significant losses when prices move in the opposite direction. He added that the government would carefully assess the financial impact on the sector while maintaining a stable and transparent pricing mechanism.
Rana Sanaullah emphasized that the government is determined to transfer the benefit of lower international oil prices to the public whenever possible. However, he warned that authorities would take strict action against any attempts to create artificial shortages or manipulate fuel supplies.
His remarks come as global crude oil prices have eased in recent days, fueling hopes of additional relief for Pakistani consumers. On Thursday, Brent crude declined by more than one percent, falling below the level recorded before the outbreak of the Middle East conflict. The drop was driven by growing optimism surrounding US-Iran peace efforts and the continued flow of oil tankers through the Strait of Hormuz.
Brent crude for August delivery touched $72.44 per barrel, slightly below its February 27 closing price of $72.48. During the height of the conflict, prices had surged to as much as $119 per barrel amid fears of escalating hostilities and potential supply disruptions.
