Overview
- A government committee chaired by Petroleum Minister Ali Pervaiz Malik recommended that the Oil and Gas Regulatory Authority publish daily Platts benchmark prices on its website to give the public access to the data used to set fuel rates.
- The group said the Petroleum Price Stabilisation Fund should run on a fully rule-based system with clear rules for funding and payouts to remove discretionary interventions and improve transparency.
- Members urged digitising the oil supply chain to improve monitoring and efficiency, and proposed changes to the Refinery Policy to raise domestic diesel output and cut dependence on imports.
- The committee’s review, which met on Monday, was prompted by renewed disruption around the Strait of Hormuz that has pushed up global oil prices and increased urgency for clearer market rules.
- Officials including the OGRA chairman, finance ministry and PSO representatives attended and the committee will hold one final meeting before submitting these developing recommendations to Prime Minister Shehbaz Sharif for decision.