Petroleum Minister Chairs Meeting on Petroleum Pricing Reforms

Islamabad: A committee constituted by Prime Minister Shehbaz Sharif to review reforms in the petroleum pricing mechanism met in Islamabad today with Minister for Petroleum Ali Pervaiz Malik in the chair. The meeting reviewed various petroleum pricing mechanisms in the context of prevailing trends in the international oil market.

According to Radio Pakistan, the committee recommended that the Oil and Gas Regulatory Authority publish daily Platts pricing data on its website to enhance transparency and enable the public to understand the benchmark used for determining petroleum prices.

Speaking on the occasion, Ali Pervaiz Malik said renewed uncertainty in global energy markets following the closure of the Strait of Hormuz has further enhanced the responsibility of the committee. He mentioned a study conducted by KPMG, which shows that petrol prices in Pakistan are lower than those in Bangladesh, Sri Lanka, and Trkiye, and are almost at par with India.

The Petroleum Minister also noted that amendments to the refinery policy have been proposed to increase domestic diesel production and reduce dependence on imported diesel. Enhanced local diesel production, he stated, would further strengthen Pakistan’s energy security.

Ali Pervaiz Malik concluded by saying that the committee’s next meeting will be its final session, after which its recommendations will be submitted to Prime Minister Shehbaz Sharif.