The federal government is set to introduce a new mechanism to ensure transparency in petroleum price determination.
Federal Minister for Petroleum Ali Pervaiz Malik said a high-level committee, formed on the directives of Prime Minister Shehbaz Sharif, is working on a transparent pricing system that is expected to bring positive news for the public in the coming days.
Speaking to a local media outlet, the minister said consumer protection remains the prime minister’s top priority, adding that the newly constituted committee will oversee the petroleum pricing mechanism to ensure it is fair, transparent and based on international market trends.
Malik said the government is closely monitoring fluctuations in global oil markets and urged the public to follow this week’s international Platts benchmark prices for petrol and high-speed diesel (HSD), stressing that fuel prices are being determined through a transparent process.
He said that the government is neither favouring any particular sector nor placing an unnecessary burden on consumers. Instead, it remains committed to passing on the benefits of lower international oil prices to the public while fulfilling its international obligations.
The petroleum minister said that under Prime Minister Shehbaz Sharif’s leadership, petrol prices have been reduced by Rs155 per litre, while diesel prices have fallen by Rs200 per litre, reflecting the government’s continued efforts to provide relief to consumers.
Malik added that despite fluctuations in international Platts benchmark prices and uncertainties caused by global conflicts, Pakistan’s fuel supply has remained stable without any shortages.
He reiterated that the government is continuously working to reduce the financial burden on citizens and will continue implementing fair, transparent and responsible petroleum pricing policies in line with international market conditions and the prime minister’s directives.
Earlier, the government announced that petroleum prices will remain unchanged for the coming week. This means that the price of high speed diesel will remain at Rs311.47.
Read more: Petroleum prices to remain unchanged
