ISLAMABAD: A government-appointed committee has directed the Oil and Gas Regulatory Authority (OGRA) to publish Platts pricing data daily on its website to ensure public access to the benchmark used for petroleum pricing in Pakistan, as no consensus has yet been reached on a new petroleum products (POL) pricing mechanism.
The decision was taken during the fourth meeting of the committee constituted by the Prime Minister to review the petroleum pricing mechanism. The meeting was chaired by Federal Minister for Petroleum Ali Pervaiz Malik and focused on international best practices and prevailing market dynamics.
Speaking on the occasion, the petroleum minister said the committee’s work had gained added importance in light of the renewed closure of the Strait of Hormuz, which has created uncertainty in global energy markets.
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Referring to a study conducted by KPMG, he noted that petrol prices in Pakistan remain lower than in Bangladesh, Sri Lanka, and Türkiye, while being broadly comparable to those in India.
He further stated that the government has proposed amendments to the Refinery Policy aimed at increasing domestic diesel production and reducing reliance on imports, thereby strengthening the country’s energy security.
The committee reviewed various options for revising the pricing mechanism and, as an immediate measure, recommended that OGRA publish daily Platts pricing data to enhance transparency in petroleum pricing.
The participants also agreed that the recently established Petroleum Price Stabilisation Fund should operate under a fully rule-based framework, with clearly defined mechanisms for both funding and disbursement, ensuring transparency and eliminating arbitrary decision-making. Members of the committee emphasised the need for digitisation of the oil supply chain to improve efficiency and oversight.
Chairing the meeting, the minister directed that the next session would be the committee’s final meeting, after which its recommendations would be submitted to the Prime Minister for consideration.
The meeting was attended by Federal Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, Chairman OGRA Nabeel Awan, representatives of KPMG, and senior officials from the Finance Division, OGRA, Pakistan State Oil (PSO), the Ministry of Law and Justice, and the Petroleum Division.
Copyright Business Recorder, 2026
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