Islamabad: Federal Minister for Petroleum Ali Pervaiz Malik on Wednesday said the recent increase in petroleum product prices was mainly caused by the conflict between Iran and the United States, saying that the situation is temporary.
Speaking to private news channel, the minister said the government is taking steps to manage the situation and minimize its impact on consumers, saying that efforts are underway to address the challenges arising from fluctuations in the international oil market.
He said the government would move to deregulate petroleum prices as soon as volatility in the global oil market reduces. expressing confidence that prices would stabilize once international market conditions improve. Malik said Pakistan should focus on exploring and developing its domestic petroleum resources to reduce dependence on imported fuel.
He also stressed the need to avoid repeating the policy measures adopted in 2022, saying future decisions should be based on lessons learned from past experience.