Pakistan plans fuel pricing reforms for transparency

The federal government has begun reviewing reforms to improve the petroleum products pricing system and make it more transparent, effective and stable.

The federal government has begun reviewing reforms to improve the petroleum products pricing system and make it more transparent, effective and stable.

The matter was discussed during the fourth meeting of the Petroleum Pricing Committee, which was formed on the directives of Prime Minister Shehbaz Sharif.

The meeting was chaired by Federal Petroleum Minister Ali Pervaiz Malik. Officials reviewed international practices and assessed the current situation of the petroleum market.

During the meeting, a proposal was presented to improve public access to the information used for setting fuel prices.

Under the proposal, the Oil and Gas Regulatory Authority (OGRA) would publish Platts prices on its official website every day.

Platts prices serve as an international benchmark for petroleum products and play an important role in determining fuel prices in global markets.

Officials said making these benchmarks publicly available would help increase transparency and allow citizens to better understand the factors behind changes in petroleum prices.

The committee also discussed ways to strengthen the existing pricing mechanism in line with international standards.