The federal government has announced that Pakistan will shift to a daily petroleum pricing system, under which petrol and diesel prices will be revised every day in line with changes in international oil markets. The new mechanism is aimed at making fuel prices more responsive to global market trends.
Petroleum Minister Ali Pervaiz Malik announced the decision on Friday, saying it has been approved by the prime minister and the federal cabinet. Under the new system, the Oil and Gas Regulatory Authority (OGRA) will determine fuel prices daily and publish the updated rates on its official website.
According to the minister, the move is part of the government’s broader plan to deregulate the petroleum sector and ensure that increases or decreases in international oil prices are passed directly on to consumers without significant delays.
Malik said global crude oil and diesel prices have increased sharply due to escalating regional tensions. He noted that diesel prices in international markets have risen from around $110 per barrel to nearly $140 per barrel, putting pressure on fuel-importing countries, including Pakistan.
Despite the increase in global prices, the minister said the government has continued providing targeted fuel subsidies and has not passed the full burden on to consumers. He added that approximately Rs130 billion has been spent to help cushion the impact of rising international oil prices.
The petroleum minister also warned that authorities would take strict action against fuel hoarding, black marketing and profiteering as the new daily pricing mechanism comes into effect. He said strong monitoring would be carried out to ensure fair implementation of the policy.
Meanwhile, Information Minister Atta Tarar said Pakistan successfully avoided fuel shortages despite rising global oil prices by securing petroleum cargoes from multiple countries. He added that oil marketing companies would remain under strict government oversight to ensure uninterrupted fuel supplies across the country.
The government believes the daily pricing system will make the petroleum market more transparent and efficient while allowing consumers to benefit more quickly from any decline in international oil prices. The new mechanism is expected to replace the current periodic fuel price adjustment system.
Also read: Pakistan Post Reduces Monthly Fuel Allowance for Staff
