global crude oil prices

Union Petroleum Minister Hardeep Singh Puri stated that petrol and diesel prices may not decrease immediately despite lower global crude oil prices. He attributed this to fuel refined during a period of elevated costs caused by the West Asia conflict, which increased freight and insurance expenses.

The Federal Government is engaging petroleum marketers and regulators to ensure global crude oil price reductions are reflected in pump prices while maintaining a fair downstream market. The initiative aims to align domestic prices with international trends and sustain competitiveness in the sector.

The Federal Competition and Consumer Protection Council (FCCPC) is monitoring pricing trends in the downstream petroleum sector and has warned marketers against exploiting consumers by maintaining high petrol prices despite falling global crude oil prices. The agency threatens sanctions against businesses found guilty of such practices.