The government on Monday announced that oil refineries would bear a burden of Rs15 billion per month, which would allow petrol to be sold Rs15 cheaper than it was in the global market amid the US-Israeli war on Iran. In a press conference in Islamabad, Petroleum Minister Ali Pervaiz Malik, speaking alongside Information Minister Attaullah Tarar, noted that the international market, reacting to the tensions in the region, was witnessing an upward trend, adding that the spot market and Platts rates had been demonstrating fluctuations, but petrol prices were also governed by other factors. Malik said: “Oil refineries were requested to take a step to support the public during this difficult time, and I am glad that they listened to us … the Rs15 increase that was coming in the petrol prices on Friday, they helped the government with that, and because of that we were able to maintain the price". #Live https://t.co/Ti6ZtPDhK2 — Radio Pakistan (@RadioPakistan) November 2, 2026 Read: Refineries to sell petrol 'below cost' He stated that the impact of the Rs15 per litre burden shifting from consumers to oil refineries had already been "passed in Friday’s price determination". Malik said that further improvement would be seen by the public, expressing his gratitude to the refineries for standing with the government to provide assistance to the public during difficult times. “I am grateful to all the refineries that saw the public is in difficulty and with the government’s help … increased their throughput,” the minister said. The petroleum minister underscored that the government did not intend to cause "hardship" to any stakeholder and wanted to navigate the international crisis through a "transparent process". "The oil refineries' three-month profits are even more than their annual profits from last year," Malik stated. Talking about the PSO tenders, Malik stated that the “premium” saw an increase of around $10-20. He said that before the crisis, the premium of the refineries was $5 per barrel, and even today a $20 limit had been established, adding that the government would have to step in and protect the public in case of further difficulties. Malik further noted that insurance costs had risen manifold, and there are even more issues related to logistics. He added: “Logistics have a cost. A very large crude carrier that was once available for a few hundreds of thousands of dollars is now rarely available for even a million dollars.” "In this purview, a couple of PSO tenders were issued that underscored an extreme excess under premium, which records several factors," he added. Speaking about Prime Minister Shehbaz Sharif's approach to providing relief to consumers, Malik said the government was providing relief to the people according to its means. Apart from the fuel relief scheme that was offering "targeted relief" to 13 million people, the government had undertaken several other measures to alleviate the burden on the masses, the petroleum minister stated. The minister underlined that the government tried to improve its procurement operations by optimising costs, but the difficult situation in the region was affecting this measure, further adding that this was reflected in the petroleum pricing mechanism outlined before October 31, which included a premium of $20. To a question regarding a delay in finalising 16 to 22 LNG cargoes to meet winter needs, Malik said that the "premier and a few friends had a view that the difference between the Qatar LNG and the one bought from the open market was high". Tarar added that the fuel-subsidy scheme for motorcyclists and car owners would continue, noting that so far Rs27 billion had been disbursed under the scheme and 15 million beneficiaries had registered for it. Minister for Information and Broadcasting @TararAttaullah has said that relief worth 27 billion rupees has been provided under the Prime Minister's Fuel Relief Scheme.@MoIB_Official @Official_PetDiv @AliPervaiz450 #RadioPakistan #News #FuelReliefScheme… pic.twitter.com/DZMypeO3YI — Radio Pakistan (@RadioPakistan) November 2, 2026 Attack on Pakistani-bound LNG cargo ship  Malik also stated that a Pakistani-bound LNG cargo ship was attacked before it entered the Strait of Hormuz without naming the culprits. “The LNG ship was hit before it entered the Strait of Hormuz”, he said during the press conference. While speaking on the attack, Tarar said that the government would share only the verified information, urging people to avoid any speculation about the perpetrators. While responding to a question about how the ship was attacked when Pakistan had secured clearance from Iran, the information minister stated that there were "no shortages of supplies", further noting that "it is a sensitive time and one should avoid speculation." Qatar and Saudi Arabia had earlier condemned the attack on the LNG tanker, calling it a “dangerous act” that threatened the security of global energy supplies. Pakistan had negotiated with Iran to secure safe passage for the LNG carrier, Al Mayeda, Qatar's foreign ministry on Sunday said it had initiated the necessary investigations to determine the circumstances of the incident and identify those responsible for the attack on the vessel. Statement | Qatar Condemns Attack on LNG Carrier in Arabian Gulf Doha | November 1, 2026 The State of Qatar expresses its strong condemnation and denunciation of the attack that targeted "Al Mayeda" liquefied natural gas (LNG) carrier, owned by Qatar Gas Transport Company… pic.twitter.com/DzXmWmglO0 — Ministry of Foreign Affairs - Qatar (@MofaQatar_EN) November 1, 2026 Revision in petrol pricing mechanism The federal government on Friday revised the petrol pricing mechanism, directing refineries to surrender the difference between import and ex-refinery prices as a petroleum levy, with the resulting benefit to be passed on to consumers through a corresponding reduction in petrol prices. Read More: Petrol pricing revised to shield consumers Under the revised arrangement, petrol's import price would be determined on the basis of the actual import cost of the relevant Pakistan State Oil (PSO) cargo. If the actual import cost was unavailable for a particular day's pricing, the premium, incidentals and customs duty of the last available cargo might be used. For the next 30 days, refineries would be entitled to an ex-refinery price calculated by fixing the premium, incidentals and customs duty at the levels applicable on March 7, 2026, before the war. Ex-refinery price is the rate at which an oil refinery sells petroleum products to oil marketing companies before the addition of government taxes, duties, dealer commissions and other distribution costs. Under the arrangement, the difference between the import price and the ex-refinery price would have to be surrendered by refineries under the petroleum levy head of account C03901. The resulting benefit would be passed on to petrol consumers exclusively through a corresponding reduction in the retail price. The Petroleum Division had directed all oil refineries to deposit the differential amounts in accordance with the OGRA price and petroleum levy notifications issued from time to time. Refineries would also be required to submit daily reports of domestic petrol sales, along with computerised payment receipts and challans, to the Petroleum Division and OGRA for verification and reconciliation.