ISLAMABAD:
Petroleum Minister Musadik Masood Malik on Thursday informed the National Assembly that oil prices in Pakistan have decreased by Rs 47.54 per liter since May.
Replying to various questions, the minister explained, “Pakistan purchases fuel at international market rates, but we get some discounts on the premium. »
He explained: “Under an agreement, we purchase diesel from Kuwait at international rates with a discount on the premium. In addition, we sometimes benefit from flexible payment deadlines for fuel costs from friendly countries.”
Malik pointed out that fuel prices are directly linked to fluctuations in the international market and the dollar-rupee exchange rate. He pointed out that since the current government took office, the Pakistani rupee has stabilized against the dollar.
The minister assured that any reduction in international fuel prices would always be passed on to the public. He also mentioned that the government is working to gradually include retailers and wholesalers in the tax net, which would help reduce the tax on petroleum.
With an increase in the tax-to-GDP ratio, the oil tax rate would decrease accordingly, he added.
Malik further said that the country maintains sufficient stock of gasoline and diesel to meet the requirement of 21 days as per the policy.