Islamabad: Federal Minister for Petroleum, Ali Pervaiz Malik, has clarified that the recent revision in the diesel pricing formula was not made under any pressure, but resulted from a “voluntary” agreement between the Petroleum Division and local refineries.
Speaking on the development, the minister said the interim pricing formula was devised after thorough consultations with a research team. He emphasized that the move is part of broader efforts to upgrade Pakistan’s refining sector and gradually transition towards full deregulation.
Malik highlighted that the revised formula aims to ensure fair and transparent pricing aligned with international standards. He noted that adopting appropriate pricing mechanisms would help bring local refineries at par with regional competitors, particularly those in India.
The minister further stated that the policy shift is intended to encourage the production of value-added petroleum products, while fostering healthy competition in the market—ultimately protecting consumer interests.
Calling for unity in economic decision-making, Malik urged stakeholders to move beyond narrow political considerations and focus on national priorities. He underscored that policy continuity remains a key requirement for achieving sustainable economic growth in Pakistan.
