Petrol, diesel prices to change daily as OGRA gets pricing authority

ISLAMABAD, July 17: Pakistan is set to move to a daily fuel pricing system, with the Oil and Gas Regulatory Authority (OGRA) announcing fresh petrol and diesel rates every day instead of following the existing mechanism, ARY News reported.

The decision was shared by Petroleum Minister Ali Pervez Malik at a joint press conference with Information Minister Attaullah Tarar in Federal Capital.

Under the new system, OGRA will work out the petrol and diesel prices using the average international oil price of the previous seven days. Once the calculation is complete, the authority will issue the revised rates on a daily basis.

The petroleum minister said there would be no need to seek fresh approval from the federal government every time international oil prices change. OGRA itself will notify the petrol and diesel prices and publish them on its official website.

He said the purpose behind the move is to make the pricing process clearer. According to him, consumers will be able to understand how petrol and diesel prices are fixed.

Ali Pervez Malik also said the government is gradually moving towards deregulation of petroleum products. He rejected the impression that the new mechanism would put an additional burden on the public.

Referring to complaints about overcharging at filling stations, the minister said Prime Minister Shehbaz Sharif has directed the authorities to act against profiteers. He said strict action will be taken wherever petrol is sold above the notified price.

On the availability of fuel, the minister said there is no shortage at present. Pakistan has petroleum stocks for around one-and-a-half to two months, he added.

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