ISLAMABAD: The federal government has established the “Petroleum Prices Stabilisation Fund” to address fluctuations in petroleum product rates, allocating a government account.
The Ministry of Finance issued a notification to inform all relevant institutions, including the Auditor General of Pakistan, the Controller General of Accounts and the Accountant General Pakistan Revenues, about the establishment of the fund.
The notification stated that the Accountant Generals of Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan have also been informed, while provincial governments have been directed to complete necessary arrangements regarding collection for the fund.
It further stated that all amounts deposited in the fund will be transferred to the federal government’s Public Account of the Federation, while a special account head and object code have been allocated for the fund.
The rules and regulations for the fund will be jointly prepared by the Ministry of Finance, the Petroleum Division and the Oil and Gas Regulatory Authority (OGRA) in view of the legal and financial requirements, the ministry said.
It also read that necessary approvals for the mechanism will be sought separately.
The development came days after the government kept petrol and high-speed diesel (HSD) prices unchanged in its latest weekly review.
Petroleum Division sources told Geo News that the petroleum levy on HSD was increased by Rs6.57 per litre to Rs79.54 from Rs72.97, while the levy on petrol rose by 39 paisas to Rs66.64 per litre from Rs66.25. The levy on kerosene remained unchanged at Rs20.36 per litre.
In the previous weekly review, the government reduced petrol prices by Rs74 per litre, HSD by Rs67 per litre and kerosene by Rs48.29 per litre following a decline in international crude oil prices after the US-Iran peace agreement and the reopening of the Strait of Hormuz eased concerns over global oil supplies.
Following the decision, Federal Minister for Petroleum Ali Pervaiz Malik said consumers could receive “good news” in the coming days
He added that a high-level committee formed on Prime Minister Shehbaz Sharif’s directives would oversee petroleum price determination to ensure transparency and safeguard consumer interests.
Malik said the government was closely monitoring international oil market trends and would pass on any available relief to consumers while remaining within the framework of its international commitments.
He pledged that the government would neither favour one sector nor place an undue burden on another, stressing that consumer protection remained the prime minister’s foremost priority.