Islamabad, Pakistan – Web Desk: Federal Minister for Petroleum Ali Pervez Malik has signaled a likely reduction in petroleum product prices in Pakistan following a drop in global oil prices after the US-Iran ceasefire agreement, while announcing the formation of a high-level committee to develop a transparent weekly pricing formula .
In a statement on his official X (formerly Twitter) account, Malik credited the diplomatic efforts of Prime Minister Shehbaz Sharif, Field Marshal Asim Munir, Deputy Prime Minister Ishaq Dar, and Interior Minister Mohsin Naqvi for contributing to the regional peace breakthrough .
Prime Minister’s Directive
“The Prime Minister has directed that the benefit of the decrease in global oil prices be immediately passed on to the public,” Malik said . “Therefore, a high-level committee has been constituted to develop a transparent weekly formula for petroleum product prices” .
The minister emphasized that the new formula would be developed in consultation with all stakeholders, enabling the public to understand the reasons behind price fluctuations .
Energy Security and Supply Chain
Malik noted that despite regional tensions, Pakistan maintained an uninterrupted fuel supply chain . The government is currently reviewing the energy security framework and working on multiple new initiatives to protect state interests and ensure energy security .
Context
The development comes as global oil prices have declined following the US-Iran ceasefire agreement, with Brent crude dropping to near $79 per barrel . Pakistan is a net importer of oil, and lower international prices are expected to translate into relief for consumers .
