Key Takeaways
- Federal Petroleum Minister Ali Pervaiz Malik has called for reduced fuel consumption.
- The government cannot control international oil prices, according to the minister.
- Lower demand is seen as the only way to mitigate the impact of global market volatility.
Federal Petroleum Minister Ali Pervaiz Malik has urged the public to reduce their fuel consumption in light of rising international oil prices. Speaking on a private channel program, Malik stated that Pakistan's government cannot control these fluctuations and that lower demand is essential to manage the impact of global market volatility.
Malik highlighted that Pakistan currently holds adequate petroleum reserves and that oil marketing companies are required to maintain at least 20 days of fuel stocks under their licensing conditions. He also noted that local refineries are holding crude oil inventories sufficient for five to seven days, indicating a stable supply situation domestically.
The minister pointed out that international developments continue to put pressure on oil markets, including President Donald Trump's proposal to impose a 20 percent fee on ships carrying Iranian oil. Additionally, he claimed the Strait of Hormuz is effectively closed, although Pakistan continues to receive petroleum supplies through Fujairah and other routes.
Malik emphasized that the current petroleum levy is lower than it was before the recent regional conflict and called for both government authorities and the public to support energy conservation efforts. He urged consumers to reduce unnecessary fuel use and encouraged authorities to adopt austerity measures to help manage rising energy costs.
In his statement, Malik stated: 'We cannot control international oil prices, but we can control our consumption.' This message underscores the need for a collective effort from both government and citizens to address the challenges posed by global market conditions.
'We cannot control international oil prices, but we can control our consumption.'
Ali Pervaiz Malik, Federal Petroleum Minister
