Malik signals more petrol relief as refineries absorb Rs15
Petroleum Minister Ali Pervaiz Malik said further fuel-price good news is coming as global oil softens; refineries are absorbing Rs15 a litre for 30 days. Petrol now stands at Rs369.06 after the 4 November cut.
Petroleum Minister Ali Pervaiz Malik said falling international oil prices mean further good news on fuel rates will be announced soon.
Local refineries will absorb about Rs15 billion a month to keep petrol roughly Rs15 a litre below international rates for 30 days.
A Rs15-a-litre petrol rise due on Friday was deferred after refineries agreed to take the hit under the new pricing formula.
On 3 November petrol fell Rs3.40 to Rs374.51 and diesel Rs7.76 to Rs395.20; from 4 November OGRA cut petrol further to Rs369.06 and diesel to Rs391.52.
Information Minister Attaullah Tarar said over 15 million people have joined the PM’s Fuel Relief Scheme, which has given Rs27 billion in support so far, and there is no fuel shortage.