Islamabad: (Right Now News) On the Prime Minister’s directive, a significant meeting was held under the chairmanship of Federal Minister for Petroleum Ali Parvez Malik to reform the petroleum pricing system. The meeting reviewed various methods for determining petroleum product prices in the context of the global market.

According to the meeting’s declaration, it was agreed to operate the Petroleum Price Stabilization Fund under a rules-based system. All members also agreed on the complete digitalization of the oil supply chain to enhance transparency.

Federal Minister for Petroleum Ali Parvez Malik stated that the closure of the Strait of Hormuz has created uncertainty in global energy markets. The government is working on reforms to further stabilize the energy sector.

He mentioned that petrol prices in Pakistan are lower than in Bangladesh and Sri Lanka and are on par with India. Significant amendments to the refinery policy have been proposed to increase local diesel production.

It should be noted that the next committee meeting will be final, where recommendations will be finalized and presented to the Prime Minister to introduce a transparent and effective petroleum pricing system.