ISLAMABAD – The Minister for Petroleum Ali Pervaiz Malik has said that Pakistan’s LNG supply from Qatar has been restored, and a cargo ship from Qatar will dock at Port Qasim in Karachi tomorrow, helping meet the energy needs of Karachi and the country. He added that fuel prices were increased due to an agreement with the IMF on raising levies in the budget.
According to reports, a meeting of the Senate Standing Committee on Petroleum was held under the chairmanship of Senator Umar Farooq. During the briefing, the Petroleum Minister said that the regional conflict has not fully ended yet, and an LNG shipment from Qatar is arriving at Port Qasim.
Committee members questioned the minister over the recent increase in petroleum prices.
Senator Saifullah Abro asked why petrol prices were increased by Rs55 on the stock already available before March 1.
Ali Pervaiz Malik responded that prices were raised to maintain stock and liquidity, and an agreement with the IMF included increasing levies on petrol and diesel by Rs80 each.
Petroleum officials informed the committee that fuel reserves in the country have increased since the start of the conflict. On March 1, crude oil stocks were 436,000 tons, which have now increased to 515,000 tons. Diesel stocks have risen from 490,000 tons to 597,000 tons, while petrol stocks currently stand at 662,000 tons.
A committee member, Haji Hidayatullah Khan, remarked that whenever there is a war anywhere in the world, Pakistan is often among the third countries to suffer its impact.
Senator Saifullah Abro further questioned why petroleum prices were increased just six days after the conflict began, asking whether the government benefited financially or oil companies were favored.
Committee Chairman Senator Umar Farooq stated that the committee aimed to bring all petroleum-related issues before the public and that future decisions regarding fuel prices would also be reviewed by the committee.
Petroleum officials also informed the committee that focus is shifting from purchasing diesel and petrol to importing crude oil. They added that diesel prices in Pakistan have increased by 48%, while in the UAE they have risen by 72% and in New Zealand by 88%.
