KARACHI: The government is considering keeping petrol and high-speed diesel (HSD) prices unchanged until March 31, despite rising global oil prices, sources told The News on Wednesday.
The plan was conveyed to industry representatives during a meeting with Petroleum Minister Ali Pervaiz Malik, where officials urged oil companies to avoid hoarding and ensure steady market supplies.
According to sources, the minister said the government is making efforts to secure additional cargoes of crude oil and refined products, including the possibility of imports from Russia to keep domestic refineries operational. He also indicated that authorities may discourage travel to northern tourist destinations during the Eid holidays as part of fuel conservation measures, amid heightened geopolitical tensions in the Middle East.
Industry officials estimate that recent increases in global crude prices could translate into a rise of around Rs29 per litre in HSD and Rs19 per litre in petrol. They noted that the government absorbed the previous price shock by agreeing to pay Rs23 billion in price differential claims to oil marketing companies, adding that emergency funding has been arranged to cushion consumers.
During the meeting, the minister directed action against oil marketing companies (OMCs) holding more than 20 days of stock but failing to supply the market, as well as those maintaining inventories below the required threshold. Officials from the Petroleum Division said show cause notices would be issued to non-compliant companies. Separately, National Refinery Limited has secured additional crude supplies from Fujairah, with a 70,000-tonne cargo delivered aboard MT Sargodha on Wednesday.
