Islamabad: The Senate Standing Committee on Petroleum convened to assess the daily petroleum pricing mechanism, the appointments of key personnel in state-owned petroleum companies, and the composition of their boards. The Committee, led by Senator Umer Farooq, also reviewed the status of previous recommendations aimed at enhancing transparency and efficiency in the sector.

According to Senate of Pakistan, the meeting at Parliament House also included discussions on the rationale behind the shift from fortnightly to daily petroleum price assessments. Federal authorities explained that the new system, administered by the Oil and Gas Regulatory Authority (OGRA), aims to depoliticize the pricing process by using a seven-day rolling average of international benchmarks to stabilize prices. The Committee also emphasized the need to address issues such as digitizing the petroleum supply chain to reduce fuel adulteration and smuggling.

The Committee voiced concerns over the high taxation on petroleum products and operational challenges faced by dealers due to frequent price changes. OGRA was directed to engage with stakeholders, including the Petroleum Dealers Association, to devise solutions. Additionally, the absence of the Managing Director of Pakistan Refinery Limited was noted, with potential privilege motions being considered against both PRL and Sui Southern Gas Company for non-compliance with directives. The Committee also called for expedited performance audits of oil rigs and a review of LPG licensing issues, with reports due within a week.