Petroleum Minister Ali Pervaiz Malik says a transparent and clear formula is being developed for setting petroleum product prices to ensure relief for the public. He said the government is making sure that any reduction in prices is directly passed on to consumers.
He stated that a decline in global oil prices has increased the possibility of relief in Pakistan as well. According to him, improved global conditions and reduced tensions have started pushing oil prices downward.
Ali Pervaiz Malik said the Prime Minister has directed that relief be provided to the public amid inflation, and for this purpose the petroleum pricing system is being made more transparent. He added that a high-level committee has also been formed to review prices on a weekly basis.
He further said that the new policy will be developed in consultation with all relevant stakeholders, and the reasons for any price changes will also be clearly communicated to the public to ensure full transparency.
The minister noted that despite regional challenges, oil supply in the country has remained uninterrupted, and the government has taken effective steps to stabilize the energy system. He expressed hope that a significant reduction in petroleum prices may be announced next week.
