ISLAMABAD: Petroleum Minister Ali Pervez Malik on Sunday said that “if the price of oil remains stable in the global market in the next two days, good news will come out,” even as Pakistan’s goods transporters strike entered its second day, crippling supply chains nationwide.
Speaking to the media, Malik acknowledged that Iran was facing economic challenges during the US‑Iran war, noting that in neighboring countries petrol was being rationed, with one or two liters given only after identity card verification.
He stressed that the Oil and Gas Regulatory Authority (OGRA) is responsible for determining prices, which are currently fixed on a seven‑day average. “Oil is expensive in the international market and in Pakistan as well,” he said.
The minister added that the Ministry of Finance had made certain agreements to stabilize its budget, pointing out that Prime Minister Shehbaz Sharif, while respecting those agreements, neither reduced nor increased the levy.
Malik insisted that the premier’s “difficult decisions” had put the country on the path of development.
He also called for a broader discussion on transferring power and authority to the grassroots level, emphasizing that any change must follow constitutional procedures and serve the national interest.
Meanwhile, the All Pakistan Goods Transport Alliance continued its strike against the government’s disputed daily pricing formula, warning that even weekly adjustments had already destabilized stock management and financial planning.
With operations suspended for a second consecutive day, markets are bracing for shortages and inflationary pressures, while consumers remain frustrated that despite tall claims of international prominence, the government has yet to deliver relief at the pump.
Economic experts caution that volatility in the Strait of Hormuz makes daily revisions impractical, as fuel pricing involves multiple variables including exchange rate movements and levies.
