The minister made the remarks while chairing the fourth meeting of a committee constituted by Prime Minister Shehbaz Sharif to review the country s petroleum pricing mechanism.
Petrol is currently priced at Rs310.71 per litre, while high-speed diesel (HSD) is being sold at Rs323.30 per litre after the government increased prices by Rs13.18 and Rs13.80 per litre, respectively, on July 10.
During the meeting, Malik said the committee s work had become even more important following the renewed closure of the Strait of Hormuz and the resulting uncertainty in global energy markets.
Earlier in the day, US President Donald Trump announced that Washington was reinstating a naval blockade on Iran and would impose a 20% fee on cargo transiting the Strait of Hormuz after Tehran declared the closure of the strategic waterway.
Following Trump s announcement, global oil prices climbed more than 4%, raising fresh concerns over energy supplies.
Brent crude futures rose $3.21, or 4.22%, to $79.22 per barrel, while US West Texas Intermediate crude gained $3.04, or 4.26%, to $74.45 per barrel.
Referring to a comparative study, Malik said petrol prices in Pakistan remained lower than those in Bangladesh, Sri Lanka and Turkiye, while remaining broadly comparable to prices in India.
He said the government had proposed amendments to the refinery policy to increase local diesel production, reduce dependence on imported fuel and strengthen Pakistan s energy security.
The committee reviewed international best practices and prevailing market conditions while assessing Pakistan s petroleum pricing framework.
Participants also examined various proposals aimed at improving the country s fuel pricing mechanism.
As an immediate measure, the committee recommended that the Oil and Gas Regulatory Authority (Ogra) begin publishing daily Platts pricing data on its website to improve transparency and allow the public to access the benchmark used for determining domestic petroleum prices.
The committee also agreed that the newly established Petroleum Price Stabilisation Fund should operate under a rules-based framework with clearly defined funding and disbursement mechanisms to ensure transparency and prevent arbitrary decisions.
Members further stressed the importance of digitising the country s oil supply chain.
Malik directed that the committee s next meeting would be its final session, after which its recommendations would be submitted to the prime minister.
The meeting was attended by Economic Affairs Minister Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, Ogra Chairman Nabeel Awan, representatives of KPMG, and officials from the Finance Division, Ogra, Pakistan State Oil (PSO), the Law Ministry and the Petroleum Division.
