Speaking at a press conference in Islamabad on Monday alongside Information Minister Attaullah Tarar, Malik said the government was seeking cooperation from oil refineries to provide relief to consumers amid rising global energy prices and higher transportation costs.
He said international increases in energy prices had affected Pakistan's economy, while the regional situation had also contributed to higher transportation expenses.
The petroleum minister said providing relief to the public remained one of the prime minister's key priorities. The government had launched a fuel subsidy scheme to support consumers, with millions of people benefiting from the initiative.
Malik said the government had also requested oil refineries to cooperate in reducing the financial burden on the public.
"With the cooperation of oil refineries, we will be able to provide petrol at Rs15 per litre cheaper," he said, adding that petrol could become Rs15 per litre cheaper under the proposed formula.
Government to Meet Oil Refineries
Malik said the government would hold a meeting with oil refineries on Tuesday to discuss all relevant matters.
He expressed support for deregulation to protect consumer interests but stressed that the benefits of the process should also reach the public alongside refinery profits.
He added that the government would move forward transparently while keeping public interest in mind.
Over 15 Million Benefit from Fuel Subsidy Scheme
Information Minister Attaullah Tarar said the government's objective was to minimise the financial burden on the public.
He said Pakistan's economy, like other economies around the world, had been affected by the regional situation.
Tarar said the government had introduced a fuel subsidy scheme covering motorcycles, Qingqi rickshaws and small cars.
More than 15 million people have benefited from the scheme so far, while relief worth Rs27 billion has been provided, according to the information minister.
He added that relevant government departments had worked together to implement the subsidy programme.
Tarar also said the government's strategy had helped prevent further increases in petroleum product prices.
