Islamabad: (RightNow) The fifth meeting of the Petroleum Pricing Committee was chaired by Federal Minister Ali Pervaiz Malik. The meeting focused on the new system for determining petroleum prices and the deregulation of the oil sector.

The committee praised the new pricing mechanism, stating it would reduce unnecessary price fluctuations. Discussions also covered the formula for daily price determination.

The Federal Minister directed the establishment of clear goals and timelines for reforms in the oil sector. He also suggested making oil marketing companies responsible for the digitalization of the petroleum supply chain.

It is noteworthy that a dashboard containing daily petroleum prices and related data has been activated on the OGRA website. This will provide consumers with timely access to information.

The meeting also reviewed the establishment of strategic petroleum reserves and a price stabilization fund. These measures could help mitigate the effects of global market price fluctuations.