Petroleum Minister Ali Pervaiz Malik has said that relief for the public is increasingly likely following a decline in global oil prices,, adding that the government is taking steps to strengthen a transparent pricing mechanism and the country's energy security system.
Malik said in a statement on X that the fall in international oil prices has brightened prospects of relief for consumers. He said the diplomatic efforts of the prime minister, the Field Marshal, the foreign minister and the interior minister were producing positive results, while Iran and the United States were moving towards a ceasefire agreement. Following signs of easing tensions between Iran and the United States, oil prices in the international market have started to decline.
The minister said the prime minister had directed that the benefit of lower prices should be passed on to the public without delay.
Malik said a transparent formula would be prepared for determining petroleum product prices, while a high-level committee had also been established for weekly price reviews.
He said the new policy would be formulated after consultation with all stakeholders and that the government would keep the public fully informed about the reasons behind any changes in prices.
Despite regional challenges, oil supplies across the country continued without interruption, he said, adding that responsible planning by the government and its partners helped keep the supply chain secure.
It is expected that the government will announce a significant reduction in petroleum product prices on the coming Friday.
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