Federal Petroleum Minister Ali Pervez Malik on Sunday said the federal government cannot continue providing unconditional subsidies on expensive petrol because the cost of the global oil shock is thousands of billions of rupees.
Speaking to workers in his constituency, the minister said the country cannot confront the “oil storm” through unconditional subsidies because the financial burden is too large.
He said the government must first arrange resources before increasing spending. He warned that spending without securing the necessary funds could produce a situation similar to 2022, when Pakistan faced severe economic pressure and inflation.
Malik said petrol prices in Pakistan are linked to international oil prices and are not changed at his discretion. He added that any decline in global oil prices would be reflected in domestic prices as well.
The minister is scheduled to visit Saudi Arabia next week to thank the country for its oil supply and express solidarity during the current difficult situation.
He said Pakistan is facing major challenges in the coming months and that he has already briefed Prime Minister Shehbaz Sharif on the issues expected during December, January and February. He added that the measures needed before winter have also been presented to the Prime Minister.
Malik said the government also plans to address the expected gas shortage by arranging timely LPG supplies.
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