Pakistan to launch new formula for weekly petrol price adjustments

ISLAMABAD – Federal Minister for Energy (Petroleum Division) Ali Pervaiz Malik revealed on Thursday that a high-level committee has also been formed to devise a transparent weekly pricing formula for the public. In a post on X, he said the decision has been taken so that in the future, whenever needed, the public can understand the reasons for changes in prices. This work will be completed in full consultation with all stakeholders, the federal minister said. “Insha’Allah, the efforts of the Prime Minister, Field Marshal, Foreign Minister, and Interior Minister are bearing fruit, as Iran and the United States are moving toward signing a ceasefire agreement,” he wrote. Malik acknowledged that global oil prices are falling, adding that Prime Minister Shehbaz Sharif has directed that this benefit be passed on to the public immediately. “The government is grateful to all its partners and the public who provided help in dealing with this challenge and responsibly maintained the oil supply chain without any major disruptions.” In light of this regional challenge, the Government of Pakistan is also reviewing its energy security paradigm, and plans have been made for various measures in the coming few months to protect national interests. Meanwhile, Jamaat-e-Islami chief Hafiz Naeemur Rehman has announced a nationwide protest campaign, demanding a reduction in petroleum prices and their restoration to the level seen on February 28. Speaking at a press conference, Hafiz Naeem said that falling global oil prices should be reflected in domestic fuel rates. He argued that the price of petrol in Pakistan should be fixed at Rs225 per litre and called on the government to take immediate action. He said the party would launch protests across the country to press for the demand.