ISLAMABAD – Some relief for farmers and transport sector as Petroleum Minister Ali Pervaiz Malik announced that diesel prices could be slashed by Rs30 to Rs32 per litre within moments, assuring relief to the agricultural sector.
Speaking about the government’s efforts to ease public hardship, Ali Pervaiz Malik said the government was fully aware of the problems confronting the people and had already provided relief through targeted subsidies. He said the difficult period would eventually end, assuring that the government was working to address the public’s economic concerns.
However, the minister’s announcement comes amid uncertainty over petroleum prices, with oil prices facing fresh pressure from the international market. According to sources, diesel could otherwise see another Rs4.30 per litre increase, while petrol prices may rise by Rs2.30 per litre, marking the possibility of a third consecutive daily increase in petroleum prices.
The conflicting developments have put consumers and the agriculture sector on edge, as the government weighs possible changes to taxes to determine the final prices.
OGRA is expected to calculate the revised petroleum prices tonight for August 20, with the government retaining the option to adjust taxes to either reduce the impact on consumers or allow prices to rise further. The latest pricing mechanism is based on a seven-day average of international petroleum prices, following the government’s recent shift to a daily petroleum pricing system.
Ali Pervaiz Malik attributed the recent pressure on domestic petroleum prices to a rise in global crude oil prices, saying fluctuations in the international market inevitably affect Pakistan. For farmers, however, the minister’s assurance of a Rs30–32 per litre diesel cut could offer significant relief, particularly as diesel costs directly affect agricultural machinery, transportation and production expenses.
The final outcome now hinges on OGRA’s calculations and the government’s decision on taxes, leaving consumers waiting for tonight’s announcement to find out whether fuel prices will deliver relief or another shock.
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