Rana Sanaullah signals further cut in petrol prices
Rana Sanaullah has indicated that petrol prices in Pakistan may decrease further in the coming days as international oil prices continue to decline following the easing of tensions between the United States and Iran. Rana Sanaullah said the government has formed a special team to closely monitor developments in global petroleum markets and assess their impact on domestic fuel prices.
He explained that international oil prices had risen sharply during the conflict involving the United States, Israel, and Iran due to concerns over regional stability and possible disruptions to energy supplies. Because of this uncertainty, the government adopted a weekly review mechanism for petroleum prices.
According to the adviser, oil marketing companies had to purchase fuel at higher prices during the period of market volatility to maintain sufficient stock levels across the country. He said claims that companies earned excessive profits during the crisis do not fully reflect the realities of changing market conditions.
Rana Sanaullah said companies may benefit when prices move in their favour, but they can also suffer losses when market trends reverse. He added that the government will review both gains and losses within the sector while ensuring that the pricing system remains stable and transparent.
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He stressed that the government is committed to passing on the benefits of lower international oil prices to the public. However, he warned that any attempt to create an artificial fuel shortage or disrupt the market would be dealt with strictly. The remarks come at a time when global crude oil prices have been moving downward, increasing expectations that consumers could receive additional relief if the trend continues.
Brent crude oil fell by more than one percent on Thursday, dropping below its closing level recorded before the Middle East conflict. Investors have become increasingly optimistic about possible US-Iran peace talks, while oil shipments continue to move through the Strait of Hormuz without major disruptions.
Market data showed Brent crude touched a low of $72.44 per barrel, compared with its February 27 closing price of $72.48. During the height of tensions, Brent crude had surged to as high as $119 per barrel.
