Oil refineries to share Rs15b burden with govt to ease fuel price pressure leading to Rs15 cut in petrol price

Malik said: "A Rs15-per-litre increase in petroleum prices had been due to take effect from Friday, but oil refineries cooperated with the government to defer the impact on consumers by sharing a financial burden of Rs15 billion. "Read:Petrol pricing revised to shield consumers#Livehttps://t.co/Ti6ZtPDhK2— Radio Pakistan (@Radio.

Pakistan)November 2, 2026The petroleum minister underscored that the government did not intend to cause "hardship" to any stakeholder and wanted to navigate the international crisis through a "transparent process". He added: “Logistics have a cost.

A very large crude carrier that was once available for a few hundreds of thousands of dollars is now rarely available for even a million dollars.”Malik further noted that insurance costs had risen manifold, and there are even more issues related to logistics.

"In this purview, a couple of PSO tenders were issued that underscored an extreme excess under premium, which records several factors," he added. Speaking about Prime Minister Shehbaz Sharif's approach to providing relief to consumers, Malik said the government was providing relief to the people.

Apart from the fuel relief scheme that was offering "targeted relief" to 13 million people, the government had undertaken several other measures to alleviate the burden on the masses, the petroleum minister stated. Talking about the PSO tenders, Malik stated that the “premium” saw an increase of around $10-20.

The minister underlined that the government tried to improve its procurement operations by optimising costs, but the difficult situation in the region was affecting this measure, further adding that this was reflected in the petroleum pricing mechanism outlined before October 31, which included a premium of $20.-----------------------More to follow...