Speaking to a local media outlet, the minister said a high-level committee, formed on the directives of Prime Minister Shehbaz Sharif, would oversee the petroleum pricing mechanism to ensure greater transparency.
Malik said the government would pass on any available benefit to consumers while fulfilling its international obligations, without favouring any particular sector or placing an unfair burden on another.
In a post on X, the minister urged the public to review international Platts benchmark prices for petrol and high-speed diesel (HSD), highlighting a downward trend during the past week.
According to figures shared by the minister, the international benchmark price of petrol declined from $98.35 per barrel on June 22 to $95.23 on June 23, $92.23 on June 24 and $90.36 on June 25, before slightly increasing to $91.68 on June 26.
The HSD benchmark stood at $109.09 per barrel on June 22, dropped to $105.02 the next day, rose to $105.76 on June 24, then eased to $105.06 on June 25 and further declined to $100.92 on June 26.
Malik said the government has so far reduced petrol prices by Rs155 per litre and diesel prices by Rs200 per litre as part of its efforts to provide relief to consumers.
He added that Pakistan s fuel supply remained stable despite volatility in global oil markets and uncertainty caused by regional conflicts, with no shortages reported.
According to Petroleum Division sources, the petroleum levy on high-speed diesel has been increased by Rs6.57 per litre to Rs79.54, up from Rs72.97. The levy on petrol has also been raised by 39 paisas to Rs66.64 per litre from Rs66.25, while the levy on kerosene remains unchanged at Rs20.36 per litre.
During the previous weekly review, the government reduced petrol prices by Rs74 per litre, HSD by Rs67 per litre and kerosene by Rs48.29 per litre, lowering the kerosene price from Rs282.19 to Rs233.90 per litre.
The price reductions followed the US-Iran peace agreement, facilitated through Pakistan s diplomatic efforts, and the reopening of the Strait of Hormuz, which eased concerns over global oil supplies and contributed to lower international crude oil prices.
Petrol is primarily used by motorists, motorcyclists and rickshaw drivers, while high-speed diesel is widely consumed by heavy transport vehicles, buses, trains and agricultural machinery, making its price a key factor in overall inflation.
The petroleum minister said the government would continue to pursue a fair, transparent and responsible fuel pricing policy in line with international market conditions and the prime minister s directives.
