The government has constituted a high-level committee to develop a weekly pricing mechanism for petroleum products as it seeks to pass on the impact of declining global oil prices to consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said Prime Minister Shehbaz Sharif had directed authorities to immediately transfer the benefit of lower international oil prices to the public.
He noted that crude oil prices in global markets have fallen to their lowest level in three months.
The minister said the proposed formula would help consumers better understand the reasons behind fluctuations in fuel prices and would be developed in consultation with all stakeholders.
He added that the government is also reviewing its broader energy security framework and working on several initiatives aimed at safeguarding state interests and strengthening energy security.
The development comes days after Malik hinted at a possible reduction in domestic fuel prices, citing falling international oil prices and improved regional stability.
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