ISLAMABAD: The Pakistani government has announced the implementation of a Rs27 billion fuel relief scheme, aimed at mitigating the impact of rising oil prices on the public. Minister for Information and Broadcasting Attaullah Tarar stated that, although petrol prices were initially set to rise by 15 rupees per litre on Friday, Prime Minister Shehbaz Sharif directed the additional burden to be absorbed by refineries instead.

According to Radio Pakistan, the announcement was made during a news conference in Islamabad, where Tarar, alongside Minister for Petroleum Ali Pervaiz Malik, highlighted the government’s efforts to shield citizens from escalating global petroleum costs. Tarar emphasized the Prime Minister’s vision to alleviate the financial strain on the populace, noting that the country’s macroeconomic indicators remained stable despite external pressures such as regional developments around the Bab al-Mandab and the Strait of Hormuz.

The Fuel Relief Scheme, which has registered over 15 million participants, provides subsidized petrol to consumers using motorcycles, Qingqi rickshaws, and vehicles up to 800cc. Tarar described the high registration numbers and the provision of discounted fuel as evidence of the scheme’s effectiveness. He assured that the initiative would persist in providing relief amid economic challenges.

Minister Ali Pervaiz Malik detailed the collaborative effort with local oil refineries, which have agreed to shoulder the potential price increase, thereby maintaining stable petrol costs for consumers. He expressed gratitude towards the refineries for their cooperation and reiterated the government’s dedication to consumer protection against international oil price fluctuations.

The government also aims to implement structural reforms to enhance economic stability, including significant changes within the Federal Board of Revenue and the adoption of a faceless system to enhance transparency in customs operations. Malik mentioned plans to deregulate the petroleum sector once market conditions stabilize, underscoring the commitment to long-term economic reforms.