ISLAMABAD: A committee assembled by Prime Minister Shehbaz Sharif to explore reforms in the petroleum pricing mechanism convened in Islamabad, with Petroleum Minister Ali Pervaiz Malik presiding over the session. The meeting evaluated various petroleum pricing strategies in light of current international oil market trends.

According to Radio Pakistan, the committee advised the Oil and Gas Regulatory Authority to publish daily Platts pricing data on its website to enhance transparency and assist the public in comprehending the benchmark for determining petroleum prices. Minister Ali Pervaiz Malik noted that recent uncertainty in global energy markets, following the closure of the Strait of Hormuz, has increased the committee’s responsibility.

The minister highlighted a study by KPMG, which indicates that petrol prices in Pakistan are currently lower than in Bangladesh, Sri Lanka, and Türkiye, and are nearly equivalent to prices in India. Furthermore, Malik mentioned proposed amendments to the refinery policy aimed at boosting domestic diesel production to reduce reliance on imported diesel, thereby strengthening Pakistan’s energy security.

The committee’s next meeting is scheduled as its final session, after which its recommendations will be forwarded to Prime Minister Shehbaz Sharif for consideration.