ISLAMABAD (special crosspondent) – The fourth meeting of the committee tasked by the Prime Minister to review the petroleum pricing mechanism convened today under the leadership of Federal Minister for Petroleum Ali Pervaiz Malik. The session focused on assessing international best practices and adapting them to the current domestic market conditions.

Addressing Global Energy Volatility

Minister Ali Pervaiz Malik emphasized the critical nature of the committee’s mandate, particularly amidst the renewed closure of the Strait of Hormuz, which has triggered heightened instability in global energy markets. Drawing upon a recent KPMG study, the Minister noted that fuel prices in Pakistan remain lower than those in Bangladesh, Sri Lanka, and Türkiye, and are broadly aligned with current Indian benchmarks. The government is now actively pursuing amendments to the Refinery Policy aimed at boosting domestic diesel production, a move essential for reducing import dependency and bolstering national energy security, a topic recently discussed in broader economic contexts such as when Ahsan Iqbal Highlights Pakistan’s Economic Stability and Future Development Goals.

Proposed Pricing Transparency Measures

In a drive toward greater accountability, the committee recommended that the Oil and Gas Regulatory Authority (OGRA) begin publishing daily Platts pricing data on its official website. This initiative is designed to provide the public with direct access to the specific benchmarks used to determine fuel pricing in Pakistan. Furthermore, the committee reached a consensus that the newly established petroleum price stabilization fund must operate under a strict, rule-based framework. This structure is intended to ensure that funding and disbursements are governed by clearly defined protocols, preventing arbitrary decision-making. There was also a strong emphasis placed on the full digitization of the national oil supply chain to enhance operational efficiency.

Next Steps and Future Outlook

Concluding the proceedings, Minister Ali Pervaiz Malik announced that the upcoming session would serve as the committee’s final meeting. The formal recommendations derived from these deliberations will subsequently be submitted to the Prime Minister for final approval. The meeting saw participation from high-level officials, including Federal Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, and OGRA Chairman Mr Nabeel Awan. Representatives from the Finance Division, the Ministry of Law and Justice, the Petroleum Division, Pakistan State Oil (PSO), and the KPMG consultancy team were also in attendance to provide expert input.