Petroleum prices in the country have decreased Rs47.54 per litre since May, Petroleum Minister Musadik Malik said on Thursday.

“Pakistan purchases fuel at international market rate, however, we get some discount on its [premium],” he said during the National Assembly session.

He added that under an agreement, Pakistan was purchasing diesel from Kuwait at an international rate with a discount on the premium.

“Sometimes, we get relaxation in payment period of the fuel cost from friendly countries,” he said, adding that fuel prices were directly linked with the international market, besides dollar-rupee parity.

Since the inception of the incumbent government, the Pakistani rupee had stabilised against the dollar, he said.

The petroleum minister also mentioned that the benefit of a reduction in fuel prices at the international market was always passed on to the public.

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Malik said that the government was making efforts to gradually bring retailers and wholesalers under the tax net so that the petroleum levy could be minimised.

“With an increase in tax to GDP ratio, the rate of petroleum levy would decrease,” he said.

According to the policy, the stock of petrol-diesel was always maintained in the country to meet the 21-day requirement, Malik said while responding to a question.