Islamabad: The Petroleum Pricing Committee, under the leadership of Federal Minister for Petroleum Ali Pervaiz Malik, convened its fourth meeting to discuss potential reforms aimed at enhancing transparency and stability in the petroleum market. The committee, formed by the Prime Minister, reviewed international practices and current market conditions, focusing on the impact of the Strait of Hormuz’s closure on global energy dynamics.

According to Press Information Department, the committee, referencing a KPMG study, noted that Pakistan’s petrol prices are currently lower than those in Bangladesh, Sri Lanka, and Türkiye, while being on par with India’s prices. To boost energy security, the government has proposed amendments to the Refinery Policy to increase domestic diesel production, thereby reducing dependence on imports.

The committee examined various pricing mechanisms and recommended that the Oil and Gas Regulatory Authority (OGRA) publish daily Platts pricing data online to improve public access to pricing benchmarks. It also emphasized that the newly established petroleum price stabilization fund should adhere to a rule-based framework to maintain transparency. Additionally, the digitization of the oil supply chain was highlighted as a priority.

Federal Minister Malik announced that the committee’s next meeting would finalize its recommendations for submission to the Prime Minister. The meeting saw participation from key government officials, including Federal Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, and representatives from various regulatory and operational bodies.