The government may hold off on increasing fuel prices until March 31 while securing additional supplies of crude oil and refined products.
KARACHI: The government is considering keeping petrol and high-speed diesel (HSD) prices unchanged until March 31, sources said Wednesday, even as global oil prices continue to rise, The News reported.
The matter was discussed during a meeting with industry representatives chaired by Petroleum Minister Ali Pervaiz Malik, where officials urged oil companies to avoid hoarding and ensure a steady supply in the market.
Sources said the minister informed participants that efforts were underway to secure additional shipments of crude oil and refined petroleum products, including potential imports from Russia, to keep domestic refineries operating smoothly.
He also suggested that authorities may discourage travel to northern tourist areas during the Eid holidays as part of fuel-saving measures, amid rising geopolitical tensions in the Middle East.
Industry officials estimate that the recent surge in global crude prices could lead to an increase of around Rs29 per litre in HSD and Rs19 per litre in petrol. They added that the government previously absorbed the impact by paying Rs23 billion in price differential claims to oil marketing companies, and that emergency funding has been arranged to help protect consumers.
During the meeting, the minister ordered action against oil marketing companies (OMCs) that are either holding stocks exceeding 20 days without releasing supplies to the market or maintaining inventories below the required levels.
Officials from the Petroleum Division said that show-cause notices would be issued to companies failing to comply with regulations. Meanwhile, National Refinery Limited has arranged additional crude supplies from Fujairah, with a 70,000-tonne shipment delivered on Wednesday aboard MT Sargodha.
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