ISLAMABAD: The government’s decision to keep petroleum prices unchanged despite a decline in global oil prices has drawn sharp criticism from opposition leaders, analysts, and industry observers, prompting Petroleum Minister Ali Pervaiz Malik to defend the policy.
Responding to growing public criticism, the minister shared a chart of international crude oil prices on social media, asserting that the government remains committed to passing on every possible benefit to consumers while honoring Pakistan’s international commitments.
“The government is neither favoring one sector nor unfairly burdening another,” Malik said, adding that Prime Minister Shehbaz Sharif has already reduced diesel prices by Rs200 per litre and petrol prices by Rs155 per litre since assuming office.
However, critics questioned why domestic fuel prices remain elevated despite international crude oil prices retreating to pre-conflict levels.
Former Sindh Governor Muhammad Zubair asked why petrol continues to sell at around Rs300 per litre even after global oil prices have fallen, questioning who is benefiting from the difference instead of consumers.
Pakistan Tehreek-e-Insaf (PTI) leader Haleem Adil Sheikh also criticized the government’s decision, noting that international crude prices have declined to around US$72 per barrel, yet consumers in Pakistan have not received any relief.
He alleged that the government had previously increased fuel prices despite companies holding lower-cost inventories, allowing oil marketing companies to earn billions of rupees in additional profits. He claimed the same practice was being repeated while ordinary citizens continued to bear the financial burden.
Journalist Zahid Gishkori also expressed disappointment, stating that oil companies, tanker operators, and major fuel dealers had emerged as the winners, while the general public remained the losers.
The criticism follows a dispute last week between the government and Pakistan’s oil industry over the calculation of petroleum prices. Oil marketing companies (OMCs) and refineries accused the Oil and Gas Regulatory Authority (OGRA) of incorrectly calculating international benchmark prices, resulting in larger-than-justified reductions in petrol and diesel prices.
According to industry representatives, petrol prices were reduced by approximately Rs11 per litre more than warranted, while high-speed diesel (HSD) prices were lowered by nearly Rs45 per litre beyond actual calculations, placing significant financial pressure on the companies. OGRA has yet to issue an official response to these allegations.
The government began conducting weekly reviews of petroleum prices every Friday night after tensions between the United States and Iran, coupled with fears of a possible closure of the Strait of Hormuz, triggered volatility in global oil markets.
Earlier this year, petrol prices had reached a record Rs458 per litre, while diesel climbed to Rs520 per litre, sparking widespread public outrage. In response, Prime Minister Shehbaz Sharif reduced the petroleum levy by Rs80 per litre within 24 hours, bringing the petrol price down to Rs378 per litre.
While the government says it is proceeding cautiously amid continuing uncertainty in international energy markets, consumers remain hopeful that the recent decline in global crude oil prices will soon translate into lower fuel prices at the pump.
