ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has claimed that petrol prices in Pakistan are lower than those in Bangladesh and Sri Lanka, while remaining on par with India, as the government moves to reform its petroleum pricing framework.
The remarks came during an important meeting of the committee—formed on the instructions of the Prime Minister to overhaul the petroleum pricing system—chaired by Malik. The session featured a detailed review of different methodologies for determining prices of petroleum products in the backdrop of global market dynamics.
The committee agreed to operate the Petroleum Price Stabilization Fund under a rules-based system. Members also reached consensus on steps to fully digitize the oil supply chain to improve transparency and oversight.
Addressing the meeting, the petroleum minister said the re-closure of the Strait of Hormuz has heightened uncertainty in global energy markets, prompting the government to pursue reforms aimed at strengthening the stability and security of Pakistan’s energy sector.
Malik further stated that proposed amendments to the refinery policy are intended to expand local production of diesel, reduce reliance on imports, and bolster energy security. He added that the committee’s next meeting will be held to finalize recommendations, which will then be submitted to the Prime Minister for implementation of a more transparent, effective, and sustainable petroleum pricing system.
