ISLAMABAD: The Standing Committee on Petroleum Division convened at the Parliament House in Islamabad, presided over by Chairman Syed Mustafa Mehmood. The meeting confirmed minutes from its previous session and addressed concerns regarding the timely circulation of brief documents to committee members. The Committee deferred consideration of two significant government bills to the next meeting and received briefings on the pricing mechanism for petroleum products and the performance of state-owned energy enterprises.

According to National Assembly of Pakistan, the committee discussed the impact of the international petroleum market crisis on domestic prices, emphasizing the government’s efforts to mitigate the effects on consumers. The Oil and Gas Regulatory Authority (OGRA) provided insights into the transparent pricing mechanism, while the need for transparency and public awareness of petroleum pricing was highlighted.

The status of refinery operations and the upgradation process were reviewed, with four out of five refineries having signed upgradation agreements. The government aims to maximize domestic production to reduce dependency on imports. Concerns were raised over higher-sulphur petroleum products and their environmental impact during the upcoming seasons.

The committee addressed petroleum smuggling and was informed about ongoing efforts to strengthen border controls and digitize the supply chain. Gas sector issues, including pricing and the circular debt of gas companies, were also discussed, with directives for updated figures on liabilities and shortfalls to be provided at the next meeting.

In addition, the committee considered the commercial sale of gas by the Universal Gas Distribution Company (UGDC) and directed that detailed information be provided in the next session. The potential of providing economical fuel to farmers was noted for further examination.

Discussions also covered the petroleum levy as a significant component of prices, with calls for greater clarity on its consumer impact. Gas facility provisions for communities near oil and gas wells were reviewed, with budget allocations and implementation progress to be presented at the next meeting.

The meeting was attended by various committee members and senior officials from relevant departments and organizations.