Govt announces passing on benefit of falling global oil prices to masses
Petroleum Minister Ali Pervaiz Malik says PM directed immediate relief following decline in global oil prices: High-level committee formed to develop transparent fuel pricing mechanism
The federal government has announced that the benefit of falling global oil prices will be passed on to consumers immediately, following a directive from Prime Minister Shehbaz Sharif, the 24NewsHD TV channel reported on Thursday.
According to the report, Petroleum Minister Ali Pervaiz Malik said in a statement on social media platform X that the prime minister had instructed authorities to ensure that reductions in international oil prices, driven by developments in the US-Iran peace process, are transferred directly to the public without delay.
He added that the diplomatic efforts of the Prime Minister, the Field Marshal, the Foreign Minister, and the Interior Minister were beginning to show results, with a formal signing of the US-Iran agreement reportedly nearing completion.
The minister also announced the formation of a high-level committee tasked with developing a transparent weekly fuel pricing formula. He said the new system would help citizens better understand the reasons behind changes in petroleum product prices.
According to him, the proposed mechanism will be designed after consultation with all relevant stakeholders to ensure transparency and consistency in pricing decisions.
Ali Pervaiz Malik further stated that Pakistan’s fuel supply chain had remained uninterrupted despite regional tensions.
He said the government was now reviewing its broader energy security framework to strengthen resilience in the sector.
He expressed gratitude to partners and the public for their cooperation during a period of global uncertainty and said additional measures were being considered to safeguard national energy interests.