ISLAMABAD (Lord Media): Federal Minister for Petroleum, Ali Pervaiz Malik, stated that the recent closure of the Strait of Hormuz has created uncertainty in global markets. In response, a committee for reforming the petroleum pricing system has begun exploring various strategies.
According to the committee’s declaration, there is an agreement to operate the Petroleum Price Stabilization Fund under a rule-based system. Additionally, it has been recommended that OGRA upload pricing data daily on its website to provide timely information to the public.
Participants of the meeting also agreed on the digitalization of the oil supply chain, emphasizing the importance of enhancing transparency. The Petroleum Minister highlighted that the committee’s role has become even more crucial in the current scenario.
Ali Pervaiz Malik further mentioned that amendments to the refinery policy have been proposed to reduce dependency on imported diesel, which will increase local diesel production and strengthen Pakistan’s energy security.
The meeting, chaired by the Petroleum Minister, considered daily pricing mechanisms. The committee will present its recommendations to the Prime Minister, based on which a new petroleum pricing strategy will be formulated.
