Govt says it can’t control oil prices, urges people to save fuel

Federal Petroleum Minister Ali Pervaiz Malik said reducing fuel consumption is the most effective way to lessen the impact of fluctuations in global oil prices. The minister said Pakistan currently has sufficient petroleum reserves to meet domestic demand despite uncertainty in international energy markets.

He said oil marketing companies are required, under their licensing conditions, to maintain fuel stocks for at least 20 days, while local refineries have crude oil reserves sufficient to meet demand for five to seven days.

Ali Pervaiz Malik said international developments continue to put pressure on oil prices, including US President Donald Trump’s proposal to impose a 20 percent fee on ships transporting Iranian oil.

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He also claimed that the Strait of Hormuz is effectively closed. However, he said Pakistan continues to receive petroleum supplies through Fujairah and other available shipping routes. The minister said the petroleum levy is currently lower than it was before the recent regional conflict, adding that the government is trying to minimise the burden on consumers as much as possible.

He urged both government institutions and the public to adopt energy-saving measures and avoid unnecessary fuel consumption to help manage rising energy costs. The minister said responsible fuel use and austerity measures could help reduce pressure on the economy until global oil markets become more stable.