Petroleum Minister Ali Pervez Malik said that he is criticized for changing fuel prices every day, but prices have to be adjusted because they change daily in the international market.
Addressing the Pakistan Energy Conference in Islamabad, Ali Pervez Malik said that work on oil and gas exploration in the sea had resumed after 20 years.
He added that despite a decline in demand from the power sector, circular debt had not increased without raising gas prices.
Ali Pervez Malik said his critics claim that he changes prices every day, but he does not set the prices himself.
He explained that fuel prices in the global market fluctuate on a daily basis, and he merely implements those changes.
He further said that the government is taking measures in accordance with its agreement with the IMF. He noted that relief had been provided on diesel prices the previous day, adding that the refinery had agreed to the government’s efforts, resulting in a reduction in diesel prices.
He said an agreement for refinery upgrades would be signed soon.
