ISLAMABAD: Federal Petroleum Minister Ali Pervaiz Malik has said the government will reduce fuel prices once the regional situation stabilises, adding that the recent increase in petroleum prices was unavoidable due to global market conditions.
Speaking at a press conference in Islamabad, the minister said authorities will also take strict action against petrol pumps or dealers involved in hoarding or profiteering by refusing to sell fuel.
Fuel Reserves Increased
Malik said Pakistan had already boosted its petroleum reserves in anticipation of possible disruptions to global oil supply.
He explained that after the closure of the Strait of Hormuz, Pakistan began importing oil through alternative routes from Saudi Arabia.
Alternative Oil Supply Routes
The minister said oil shipments are now arriving through Saudi ports, with support from Saudi Aramco.
Two vessels of the Pakistan National Shipping Corporation are currently transporting crude oil to Pakistan via these alternative routes.
He added that Saudi authorities have assured Pakistan they will continue supplying oil even if the country requires larger tankers.
Weekly Fuel Price Review
Due to volatile global oil markets, the government has decided to review petroleum prices on a weekly basis instead of the previous fortnightly mechanism.
Officials say the move is intended to maintain stability in fuel supply and respond quickly to international price fluctuations.
