The government has formed a high-level committee to develop a weekly pricing mechanism for petroleum products, aiming to more quickly reflect changes in international oil markets in domestic fuel prices.

Petroleum Minister Ali Pervaiz Malik said Prime Minister Shehbaz Sharif has directed authorities to ensure that the benefit of declining global oil prices is passed on to consumers without delay. He noted that crude oil has dropped to a three-month low in international markets.

He said the proposed pricing framework will be designed to improve transparency and help consumers understand fuel price movements more clearly. The system will be finalized after consultations with relevant stakeholders.

The minister added that broader energy sector reforms are also under review, including measures to strengthen energy security and safeguard national interests.

The move follows earlier remarks by the minister suggesting a possible reduction in fuel prices due to easing global oil rates and improved regional conditions.