ISLAMABAD (Dunya News) - Federal Minister for Petroleum Ali Pervaiz Malik has said that the benefits of cheaper oil in the global market will be passed on to the public.
Speaking to the media here on Tuesday, Federal Minister for Petroleum Ali Pervaiz Malik said that the government is committed to passing on the full benefits of the decline in oil prices in the global market to the public and that reducing the burden of fuel prices on the public is the government's top priority.
He said that OGRA determines the prices of petroleum products every week based on international prices and this method has been in practice for the last twenty years.
The Federal Minister of Petroleum said that OGRA sets new prices by taking into account the average prices in the global market, import costs and PSO costs.
Ali Pervez Malik said that on the instructions of the Prime Minister, Rs 130 billion was provided for the provision of cheap fuel, through which relief was provided to motorcyclists and public transport.
He further clarified that the profit or loss of businesses is the responsibility of the respective companies, however, the government will ensure that the decline in prices in the global market is passed on to the people and they are provided with maximum relief.