ISLAMABAD - Federal Minister for Petroleum Ali Pervaiz Malik stated on Thursday that international oil prices have begun to decline and that Prime Minister Shehbaz Sharif has instructed that the benefit of this reduction be immediately transferred to the public.
High-Level Committee Formed
In a post on social media platform X, Malik revealed that the government has established a high-level committee tasked with developing a transparent weekly pricing mechanism for petroleum products. He emphasized that the proposed formula would ensure the public is fully informed about the reasons behind price adjustments, while also enhancing accountability and transparency in the pricing process.
Consultations with Stakeholders
The minister said the formula will be finalized after consultations with all relevant stakeholders. He further noted that, despite regional tensions, the government has successfully maintained the country's oil supply chain without any disruption, and he expressed appreciation for the cooperation of all partners and the public in this regard.
Energy Security Strategy Under Review
Ali Pervaiz Malik added that, in light of the evolving regional situation, Pakistan is also reviewing its national energy security strategy. Several measures will be introduced in the coming months to safeguard national interests and ensure a secure energy future.
Global Oil Price Trends
Oil prices have dropped following the signing of an interim peace agreement between the United States and Iran, resuming a slide that was interrupted by US President Donald Trump's warning that he could restart his military campaign. Brent crude fell 2.3 percent on Thursday in Asia, bringing the international benchmark back to near its level 24 hours earlier. Brent futures for August delivery stood at $77.73 as of 05:30 GMT, only about 7 percent higher than before the US and Israel launched their war on Iran on February 28.
After several days of declines, Brent briefly spiked above $81 a barrel on Wednesday following Trump's warning that the US could “go right back to dropping bombs” on Iran if it does not “behave.”
Asian Markets Rally
Shrugging off losses on Wall Street overnight, Asian stock markets rallied on renewed optimism for an end to nearly four months of disruption to global energy supply chains. Japan's benchmark Nikkei 225 and South Korea's Kospi both hit all-time highs, gaining more than 2 percent and 1.7 percent, respectively.
