Petrol prices in Pakistan lower than Bangladesh, Sri Lanka and Türkiye, says petroleum minister

Federal Petroleum Minister Ali Pervaiz Malik said Pakistan's petrol prices are lower than those in Bangladesh, Sri Lanka and Türkiye, and are roughly on par with India, adding that amendments to the refinery policy have been proposed to boost local diesel production.

The remarks came during a meeting of the prime minister's committee on reforms to the petroleum pricing mechanism, chaired by Malik.

According to an official statement issued after the meeting, the committee reviewed various methods of determining petroleum prices in line with international market practices. It recommended that the Oil and Gas Regulatory Authority (OGRA) publish daily Platts price data on its website to improve transparency and allow the public to track the benchmark used for fuel pricing.

The committee also agreed that the Petroleum Price Stabilisation Fund should operate under a rules-based, transparent framework free from discretionary decision-making. Members also endorsed the digitalisation of the oil supply chain to further enhance transparency.

Ali Pervaiz Malik said renewed concerns over a possible closure of the Strait of Hormuz had increased uncertainty in global energy markets, making the committee's work more important.

Citing a KPMG study, he said petrol prices in Pakistan remain lower than those in Bangladesh, Sri Lanka and Türkiye, while being nearly equal to those in India. He added that proposed changes to the refinery policy are aimed at increasing domestic diesel production and reducing reliance on imported diesel.

The minister said higher local diesel output would strengthen Pakistan's energy security. He added that the committee's next meeting would be its final one before its recommendations are submitted to the prime minister.