ISLAMABAD: Prime Minister Shehbaz Sharif has instructed Petroleum Minister Ali Pervaiz Malik to travel to Karachi and hold urgent discussions with local oil refineries to explore ways of reducing diesel prices and providing relief to consumers.
The directive was issued during a meeting between the prime minister and the petroleum minister, attended by Information Minister Attaullah Tarar, Economic Affairs Minister Ahad Khan Cheema, Climate Change Minister Dr Musadik Malik and MNA Hamza Shehbaz.
Prime Minister Shehbaz called for negotiations with refineries to be completed at the earliest and stressed that consumers should receive the maximum possible benefit from any reduction in production costs.
He noted that a significant share of the country’s diesel requirements is met by domestic refineries and directed the petroleum ministry to pursue measures that could bring down prices.
High-speed diesel is a key input for the transport and agriculture sectors. It is extensively used by trucks, buses and trains, as well as tractors, tube wells and threshing machines.
Any increase or decrease in diesel prices therefore has a direct impact on freight charges, farm production costs and the prices of food and other essential commodities.
The government’s latest initiative comes amid growing public concern over repeated increases in fuel prices and their impact on household budgets and inflation.
Fuel pricing has come under additional pressure following heightened volatility in international oil markets after renewed conflict in the Middle East and disruptions to shipping through the Strait of Hormuz.
The government had previously moved from a fortnightly fuel price review to more frequent assessments in response to sharp fluctuations in global petroleum prices.
The issue has also generated pressure from transporters and petroleum dealers, who have repeatedly called for measures to contain rising fuel costs.
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