Oil Price Shock: Government Reveals Its Relief Strategy

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LAHORE: Federal Petroleum Minister Ali Pervaiz Malik has warned that the continued rise in global crude oil prices could place an additional financial burden of thousands of billions of rupees on Pakistan’s economy. However, he said the government would use all available resources to provide maximum relief to the public during the difficult period.

Addressing a public gathering in Lahore’s Mughalpura area, the minister said the government was fully aware of the challenges arising from the ongoing conflict in the region and the resulting turmoil in the international oil market.

He said the government had been compelled to revise petroleum prices due to the increase in global crude oil prices, but the entire pricing mechanism had been presented to the public in a transparent manner. He assured citizens that any decline in international oil prices would be reflected in domestic prices without delay.

Ali Pervaiz Malik said the consequences of providing relief without adequate resources had already been witnessed in the past. He referred to the economic difficulties faced by Pakistan in 2022, when the country experienced severe inflation and financial pressure, and said the government was therefore pursuing sustainable and realistic policies.

The minister also announced that he would visit Saudi Arabia next week to thank the Saudi leadership for its support in ensuring oil supplies and standing by Pakistan during difficult circumstances. He said the government had already presented comprehensive proposals to the prime minister to address the challenges expected during the winter, including timely imports of liquefied petroleum gas (LPG).

Speaking about the security situation in the region, Ali Pervaiz Malik said terrorism had once again been resurging in Khyber Pakhtunkhwa. He said the entire nation stood with the armed forces at this critical juncture.

The minister also urged the chief minister of Khyber Pakhtunkhwa to fulfil his constitutional and administrative responsibilities, saying that all political forces needed to stand united with the country’s security institutions to confront the threats facing Pakistan.