Petroleum Minister Ali Pervaiz Malik announced on Saturday that Pakistan will shift to daily fuel price adjustments to counteract market manipulation, eliminate unjust profits, and ensure fair pricing for consumers. The decision comes amid renewed tensions between Iran and the United States, which have caused volatility in global oil markets.
Speaking at a meeting with key petroleum sector stakeholders, the minister emphasized that the new pricing mechanism will be driven by a transparent, formula-based system linked to international market fundamentals. This move aims to reduce political interference and prevent sudden price distortions, fostering a more competitive market environment.
The reform, approved by the federal cabinet and directed by Prime Minister Shehbaz Sharif, marks a significant shift toward deregulation in Pakistan’s petroleum sector. Retail prices will now be determined daily, replacing the previous weekly revision cycle that required mandatory government approval.
The meeting included representatives from the Oil and Gas Regulatory Authority (Ogra), industry associations, refineries, oil marketing companies (OMCs), and the Petroleum Division. Attendees discussed implementation challenges, including technical aspects like the Inland Freight Equalisation Margin (IFEM), refinery adjustments, and real-time data systems.
Ogra confirmed it has updated its internal systems to support the new regime and will publish daily price data for public transparency. Stakeholders, including the Oil Companies Advisory Council (OCAC) and the Oil Marketing Association of Pakistan (OMAP), praised the move as a step toward a rules-based pricing framework.
Officials noted the daily pricing mechanism is part of a broader strategy to gradually reduce government intervention, allowing market forces to dictate prices similarly to exchange rate fluctuations. The Petroleum Division, in collaboration with Ogra and industry groups, is finalizing standard operating procedures to ensure a smooth transition.
Despite acknowledging implementation hurdles, the minister emphasized the government’s commitment to protecting consumer interests while safeguarding the sector’s long-term sustainability. A dedicated oversight committee has been formed to address challenges and facilitate consensus among stakeholders.
Following the announcement, petrol prices rose by Rs5.44 per liter and diesel by Rs31.05 per liter, reflecting global price pressures from regional conflicts. Current prices stand at Rs316.15 per liter for petrol and Rs354.35 for high-speed diesel (HSD).
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