Petroleum Minister Ali Pervaiz Malik said the change in the diesel pricing formula was not the result of any pressure.
He said a voluntary agreement had been reached between the petroleum division and refineries, adding that an interim formula had been prepared after consultation with a research team. He said the aim was to upgrade refineries and move towards full deregulation, stressing that it was necessary to ensure fair pricing in line with international standards.
The minister said appropriate pricing could bring local refineries at par with Indian refineries. He added that the purpose of the formula change was to increase the production of value-added products, noting that greater competition could safeguard consumer interests.
Ali Pervaiz Malik also urged an end to narrow politics and called for decisions in the national interest. He said policy continuity was essential for Pakistan’s economic improvement.
