Petroleum prices lower than regional countries: Petroleum Minister

ISLAMABAD: Petroleum Minister Ali Pervaiz Malik has said that the prices of petroleum products in Pakistan are lower than those of Bangladesh, Turkey and Sri Lanka, while they are equal to those of India.

An important meeting of the Prime Minister’s Committee on Reforms in the Petroleum Pricing System was held, which was chaired by Petroleum Minister Ali Pervaiz Malik.

According to the statement, the meeting reviewed different methods of determining petroleum prices in the context of the global market.

The committee recommended that OGRA release daily price data on the website so that the public knows the benchmark for determining prices.

The meeting agreed to operate the Petroleum Price Stabilization Fund under a rules-based, transparent and arbitrary decision-free system, while all members agreed on the digitization of the oil supply chain and emphasized increasing transparency.

Speaking during the meeting, Petroleum Minister Ali Pervez Malik said that the re-closure of the Strait of Hormuz has created uncertainty in the global energy markets, and the re-closure of the Strait of Hormuz has made the committee’s responsibility more important.

He said that according to a KPMG study, petrol prices in Pakistan are lower than those of Bangladesh, Sri Lanka and Turkey, while they are almost equal to those of India.

The Petroleum Minister said that suggestions have been made regarding changes in the refinery policy to increase local production of diesel and reduce dependence on imported diesel. Increasing local production of diesel will strengthen Pakistan’s energy security.

According to sources, the next meeting of the Petroleum Pricing Committee will be final, after which the recommendations will be sent to the Prime Minister.