By our correspondent
ISLAMABAD: The government has decided to bring major changes to the petroleum pricing system by authorizing the Oil and Gas Regulatory Authority (OGRA) to determine fuel prices on a daily basis according to international market trends. The move was announced as part of efforts to improve transparency and reduce government involvement in direct price adjustments.
Minister for Petroleum Ali Pervaiz Malik announced the decision during a joint news conference with Minister for Information and Broadcasting Attaullah Tarar in Islamabad. He said the decision had been taken by Prime Minister Shehbaz Sharif and the Federal Cabinet to create a transparent pricing mechanism while protecting the state from financial risks.
Ali Pervaiz Malik said OGRA would publish daily petroleum prices on its official website, based on international market rates. He said the regulator would not only share the Platts benchmark prices but would also disclose all elements included in the final retail price at petrol stations. The minister said the new system would help citizens understand the reasons behind changes in fuel prices and remove confusion surrounding the pricing process.
The petroleum minister said global energy markets had witnessed a significant rise in recent days due to international tensions. He said diesel prices under the Platts benchmark had increased from around $110 to $140, while petrol prices had climbed from nearly $89 to about $100, creating pressure on domestic fuel prices.
He said the government had taken measures to protect consumers from the impact of rising international prices. He added that the federal government had provided Rs130 billion in petroleum subsidies and the support program was continuing.
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