ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) in Pakistan says it is ready to implement a new system under which petrol prices could be published daily.
The proposal was discussed during a consultative meeting, attended by officials from OGRA, the Oil Companies Advisory Council (OCAC), the Oil Marketing Association, refineries, OMCs, and the Petroleum Division.
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Industry representatives welcomed the proposed daily pricing mechanism and presented recommendations on its implementation.
Officials also reviewed issues related to the fuel supply chain, inventory management, and the availability of real-time market data.
OGRA officials told the meeting that the regulator is fully prepared to implement the new pricing mechanism and is upgrading its systems to ensure the timely publication of daily fuel prices.
Speaking at the meeting, the federal minister for Petroleum, Ali Pervaiz Malik, said petrol prices would be determined through a transparent formula that reflects real market conditions.
He claimed that the government was reducing opportunities for profiteering, exploitation, and excessive financial gains.
The petroleum minister said standard operating procedures (SOPs) for the new system were being prepared in consultation with OGRA and industry stakeholders.
He said that a special committee would be established to oversee the implementation of the daily pricing mechanism and resolve operational issues through consensus.
He also directed the Petroleum Division and OGRA to continue consultations with the industry and finalize the remaining technical aspects of the plan.
Ali Pervaiz Malik said the reforms form a key part of the government’s phased deregulation strategy.
He added that the changes are being introduced on the instructions of the Prime Minister of Pakistan, Shehbaz Sharif, to reduce government intervention in petrol pricing.
In the end, the federal minister said that the government remains committed to protecting the public interest while ensuring the long-term stability of Pakistan’s petroleum sector.