Islamabad: (Right Now News) Federal Minister for Petroleum Ali Pervaiz Malik stated that the renewed closure of the Strait of Hormuz has created uncertainty in global energy markets, impacting petroleum prices.

A meeting of the committee established by the Prime Minister was held, chaired by Ali Pervaiz Malik. The meeting discussed reforms in the petroleum pricing system.

The committee reviewed various methods for determining petroleum prices in the context of the global market. It was recommended to provide the public with information on petroleum prices.

The meeting agreed to operate the Petroleum Price Stabilization Fund under a transparent system. Emphasis was placed on digitizing the oil supply chain.

It should be noted that the closure of the Strait of Hormuz has increased instability in energy markets. Petroleum prices in Pakistan are lower than in Bangladesh, Sri Lanka, and Turkey.