Petrol price relief likely as govt forms committee on transparent pricing

Federal Minister for Petroleum Ali Pervaiz Malik announced that Prime Minister Shehbaz Sharif has directed authorities to ensure that

ISLAMABAD: The federal government has indicated a possible reduction in petroleum prices following a decline in global oil markets after progress in US-Iran peace efforts.

Federal Minister for Petroleum Ali Pervaiz Malik announced that Prime Minister Shehbaz Sharif has directed authorities to ensure that the benefits of lower international oil prices are passed on to consumers without delay. In line with this directive, the government has established a high-level committee to develop a transparent weekly pricing mechanism for petroleum products.

In a statement shared on social media, the minister said Pakistan’s diplomatic leadership, including the prime minister, foreign minister, interior minister, and military leadership, had played a constructive role in regional peace efforts that contributed to easing tensions.

Ali Pervaiz Malik said the proposed pricing formula would enable the public to better understand the factors behind changes in fuel prices. He added that the mechanism would be finalized after extensive consultations with all relevant stakeholders.

The minister also highlighted that Pakistan’s oil supply chain remained uninterrupted despite regional instability. He noted that the government is reviewing the country’s energy security framework and working on several new initiatives aimed at safeguarding national interests and strengthening energy resilience.

Expressing gratitude to industry stakeholders and the public for their cooperation during the recent period of uncertainty, Malik reaffirmed the government’s commitment to ensuring stable energy supplies and delivering relief to consumers whenever international market conditions allow.