Petroleum minister says diesel pricing formula revised through agreement, not pressure

Petroleum Minister Ali Pervaiz Malik said the recent change in the diesel pricing formula was made through a voluntary agreement between the petroleum division and refineries, rejecting any suggestion of external pressure.

According to news reports, he said the interim pricing mechanism was developed after consultations with a research team, adding that the objective was to modernise refineries and move towards full deregulation of the sector.

According to the minister, the revised formula is intended to ensure pricing aligns with international standards and supports fair market practices. He said improved pricing structures could help bring local refineries at par with regional peers, including those in India.

He added that the changes are also aimed at increasing production of value-added petroleum products and enhancing competition in the sector, which could support consumer interests.

Ali Pervaiz Malik said policy continuity would remain critical for economic stability and called for decisions based on national priorities.