Local refineries absorb Rs15 petrol hike, rates stay unchanged
The petrol price in Pakistan today stays the same after local refineries agreed to absorb an expected Rs15 a litre rise, Petroleum Minister Ali Pervaiz Malik said.
Petroleum Minister Ali Pervaiz Malik said local refineries will absorb an expected Rs15 per litre petrol rise so pump rates stay unchanged.
The arrangement will cost local refineries about Rs15 billion a month.
About 30% of Pakistan’s petrol is refined locally; the rest is imported, with recent import premiums rising above the earlier $20 a barrel level.
Information Minister Atta Tarar said a fuel subsidy scheme has drawn more than 15 million registrations and about Rs27 billion in relief so far.
The government also signalled possible petrol and diesel cuts if international oil prices keep falling.