The committee constituted by the prime minister to review the petroleum pricing mechanism held its fourth meeting on Monday under the chairmanship of Federal Minister for Petroleum Ali Pervaiz Malik.
Ali chairs committee reviewing petroleum pricing mechanism
ISLAMABAD, Jul 13 (APP): The committee constituted by the prime minister to review the petroleum pricing mechanism held its fourth meeting on Monday under the chairmanship of Federal Minister for Petroleum Ali Pervaiz Malik.
The committee reviewed international best practices and prevailing market conditions as part of its assessment of Pakistan’s petroleum pricing framework.
Speaking on the occasion, he said the committee’s work had assumed greater significance in light of the renewed closure of the Strait of Hormuz and the resulting uncertainty in global energy markets.
Citing a KPMG study, he said petrol prices in Pakistan remain lower than those in Bangladesh, Sri Lanka, and Türkiye, while being broadly comparable to prices in India.
The minister said the government had proposed amendments to the Refinery Policy to increase domestic diesel production and reduce reliance on imported diesel, thereby strengthening the country’s energy security.
The committee reviewed various options for improving the petroleum pricing mechanism. As an immediate step, it recommended that the Oil and Gas Regulatory Authority (OGRA) publish daily Platts pricing data on its website to provide the public with access to the benchmark used for petroleum pricing in Pakistan.
The committee also agreed that the recently established Petroleum Price Stabilisation Fund should operate under a fully rules-based framework, with clearly defined mechanisms for funding and disbursements to ensure transparency and prevent arbitrary decision-making.
Members also emphasised the need to digitise the oil supply chain.
Chairing the meeting, Malik directed that the committee’s next meeting would be its final session, after which its recommendations would be submitted to the prime minister for consideration.
The meeting was attended by Federal Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, OGRA Chairman Nabeel Awan, representatives of KPMG, committee members, officials from the Finance Division, and senior representatives of OGRA, Pakistan State Oil (PSO), the Ministry of Law and Justice, and the Petroleum Division.
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