ISLAMABAD – Petroleum Minister Ali Pervaiz Malik said petrol prices in Pakistan remain lower than those in Bangladesh, Sri Lanka and Türkiye, as the government moves to overhaul the country’s petroleum pricing system and increase transparency.
The remarks came during a meeting of Prime Minister’s committee on petroleum pricing, chaired by the petroleum minister, where members reviewed the existing pricing mechanism in light of ongoing volatility in global energy markets.
The committee recommended that Oil and Gas Regulatory Authority (OGRA) publish daily Platts pricing data on its website, allowing the public to better understand the benchmarks and methodology used to determine domestic fuel prices.
The committee agreed to operate the Petroleum Price Stabilization Fund under a transparent, rules-based and non-discretionary framework. Officials further emphasized the digitalization of Pakistan’s oil supply chain to improve oversight, efficiency and transparency across the sector.
Warning of growing uncertainty in global energy markets, Malik said renewed concerns over a possible closure of the Strait of Hormuz have heightened risks to international oil supplies. Despite these challenges, he maintained that Pakistan’s petrol prices remain comparatively lower than those of several regional countries, according to the KPMG study.
The minister announced proposed policy amendments aimed at boosting local diesel production and reducing dependence on imported diesel, saying the measures would strengthen Pakistan’s long-term energy security.
Malik said the petroleum pricing committee will hold one final meeting before submitting its recommendations to Prime Minister Shehbaz Sharif for approval, paving the way for potential reforms to the country’s fuel pricing framework.
Pakistan announces New Petrol Prices Today: Here’s What to Expect
About the Author
