ISLAMABAD: Pakistan’s Petroleum Minister Ali Pervaiz Malik has said that petrol prices in Pakistan are lower than those in Bangladesh, Sri Lanka and Türkiye, while remaining almost at par with India.
He also announced that amendments to the country’s refinery policy have been proposed to increase domestic diesel production and reduce dependence on imported fuel.
The statements were made during a high-level meeting of the Prime Minister’s committee established to review and reform Pakistan’s petroleum pricing mechanism.
The meeting, chaired by the petroleum minister, focused on improving transparency, efficiency and long-term sustainability in fuel pricing.
According to an official statement issued after the meeting, the committee reviewed various international models for determining petroleum prices in light of global market trends.
In this regard, the participants recommended that the Oil and Gas Regulatory Authority (OGRA) publish daily Platts price data on its official website, enabling the public to better understand the benchmark used in setting domestic fuel prices.
The committee also agreed that the Petroleum Price Stabilization Fund should operate under a transparent, rules-based framework free from discretionary decision-making.
Minister Malik said recent concerns over the possible closure of the Strait of Hormuz have increased uncertainty in global energy markets, making the committee’s work even more significant.
He said the proposed amendments to the refinery policy are aimed at increasing domestic diesel production and reducing reliance on imported diesel.
He added that the committee’s next meeting is expected to finalize its recommendations before they are submitted to Prime Minister Shehbaz Sharif for approval.
Meanwhile, the Petroleum Division has submitted a 129-page summary to the Cabinet Committee on Energy proposing amendments to the Refinery Policy 2023.
The proposals include the addition of six new provisions and a seven-year incentive package for refineries, aimed at encouraging investment and modernization.
