ISLAMABAD: The government has decided to shift to a daily petroleum pricing mechanism, with the Oil and Gas Regulatory Authority (OGRA) set to determine and publish fuel prices every day, Petroleum Minister Ali Pervaiz Malik announced.
Addressing a press conference alongside Information Minister Attaullah Tarar, Ali Pervaiz Malik said the government’s latest decision aims to bring greater transparency to the petroleum pricing system and ensure that market changes are passed on to consumers promptly.
“OGRA will determine petroleum prices on a daily basis and publish the rates on its website,” the petroleum minister said, adding that all stakeholders’ interests would be managed through a transparent process.
He said under the new system, any decrease or increase in international oil prices would be reflected more quickly in Pakistan’s petroleum rates, allowing consumers to receive relief without delays.
He said global crude oil prices had risen due to international tensions, with diesel prices reaching around $140 per barrel and petrol prices increasing from around $89 to $100 per barrel in the international market.
Ali Pervaiz Malik said the government had used national resources to provide support to the public amid rising energy costs. He acknowledged that the decision could be challenging but described it as beneficial for the country’s economic system.
He added that whenever international oil prices declined in the past, Pakistan also reduced petroleum product prices, while petroleum levy rates on petrol and diesel remained lower.
Information Minister Attaullah Tarar said the increase in oil prices was linked to global tensions and supply disruptions, adding that while several countries faced fuel shortages, Pakistan continued to maintain availability.
He said the government had provided a subsidy of around Rs129 billion by reducing the development budget to support consumers.
Attaullah Tarar noted that many countries already determine petroleum prices on a daily basis, and the new mechanism would help Pakistan provide timely relief to consumers.
He added that the petroleum pricing system would now become more transparent, allowing the public to better understand price movements. He also said oil marketing companies were currently facing difficult market conditions rather than earning excessive profits.
