Islamabad: ( The cow news digital ) Federal Minister for Petroleum Ali Parvez Malik stated on Thursday that it is currently impossible to predict whether petrol prices in Pakistan will increase, citing ongoing logistical challenges in crude oil imports from the Gulf.
Addressing the Senate Standing Committee on Finance, Malik briefed lawmakers on the country’s petroleum supply situation. He explained that Pakistan imports crude oil primarily from Gulf nations, and the disruption caused by blocked shipping routes, particularly in the Strait of Hormuz, has delayed deliveries.
“Currently, Pakistan Navy Ship (PNS) vessels carrying crude are stuck in the Strait of Hormuz,” he said. “To mitigate delays, Saudi Arabia will now supply oil from the Yanbu port. It will take approximately 15 to 20 days for shipments to reach refineries in Pakistan, which will then be able to resume full-scale supply.”
The minister highlighted challenges with shipping insurance, saying that even if vessels are available, coverage for oil transport is not guaranteed. He added that crude oil prices have risen to $149.87 per barrel, and petroleum product prices have surged from $78 to $120, reflecting international market trends.
Ali Parvez Malik emphasized that petrol prices in Pakistan are determined based on the average global crude prices, and no formula changes have been made. He further stated that, unlike previous years where adjustments were bi-monthly, the government will now review prices weekly to respond to rapid fluctuations in global markets.
“Due to rising international petroleum prices, the Economic Coordination Committee and relevant authorities will announce any changes on Friday,” Malik said. “Price adjustments will reflect the weekly average of global crude oil rates.”
He also noted that maintaining 2022 pricing levels for petroleum products is unsustainable given the current deficit and international market volatility. Malik urged the public to understand that price determination is tied directly to global crude oil trends and logistical constraints.
The weekly review system aims to provide timely updates to consumers while balancing market realities and supply challenges amid ongoing regional tensions affecting oil transit routes.
