Daily fuel price adjustments to ensure fair prices, says petroleum minister

Islamabad (Web Desk): Federal Minister for Petroleum Ali Pervaiz Malik has announced that Pakistan is moving to a daily pricing system for petroleum products, describing the change as a major reform that will replace the existing weekly price review mechanism and eliminate the need for routine government approval.

Speaking during a meeting with senior representatives of the petroleum industry in Islamabad, the minister said the new pricing model is designed to create a more open and competitive market.

He noted that the shift would improve transparency, encourage fair competition among market participants and ensure that consumers pay prices determined by market conditions.

Ali Pervaiz Malik further stated that the Petroleum Division is working closely with the Oil and Gas Regulatory Authority (OGRA) and industry stakeholders to prepare detailed standard operating procedures (SOPs) that will support the smooth implementation of the new system.

Industry representatives welcomed the decision, calling it an important milestone in the deregulation of Pakistan's petroleum sector and a positive move towards a more efficient and competitive energy market.