Global Oil Prices Witness Another Decline Today, Bringing Hope for Good News, States Petroleum Minister Ali Pervaiz Malik; Slams Elements Profiteering Off Public Vulnerabilities
ISLAMABAD: Federal Minister of Petroleum Ali Pervaiz Malik has said that international oil prices have further been reduced today, giving consumers across the country hope for positive relief news as the government endeavours to protect the vulnerable people in the country from the continuing global oil price shocks.
Ali Pervaiz Malik, in a press conference in Islamabad, said Prime Minister Shehbaz Sharif has emphasized on protecting the weaker sections of the society and the ongoing economic impact of the conflicts that started on 28 February will be passed on to the public directly as petroleum price relief.
The following are highlights of the Press Conference by Minister of Petroleum, Mr. Ali Pervaiz Malik.
The federal government has used its own funds of Rs 130 billion to ensure energy supplies, while local refineries have been playing a crucial role in supporting the market during testing times, Minister Malik said. He reiterated that all the advantages of the drop in global oil prices will be passed on to the people.
The minister condemned some forces, who were taking advantage of common man’s hardships in the Liquefied Petroleum Gas (LPG) market. He said that the entrenched 50-year-old quota system, which was the route of billions of dollars to certain quotas, was to be dismantled unambiguously, with all local LPG production to be auctioned openly among some 8 companies operating the LPG.
Prime Minister Shehbaz Sharif is personally leading the national energy security architecture and the government is making efforts to keep the gas supply uninterrupted during the peak hours of cooking food, Malik said, making it a point to emphasize the importance of energy security in the country. He further said that the subsidy on petrol has already been given to 1.5 million (1.5 crore) deserving persons.