Daily fuel pricing system introduced to boost transparency, says minister

Petroleum Minister Ali Pervaiz Malik has said the new daily fuel pricing system will improve transparency and reduce political influence in petroleum price decisions.

Petroleum Minister Ali Pervaiz Malik has said the new daily fuel pricing system will improve transparency and reduce political influence in petroleum price decisions.

The government has replaced the previous weekly fuel price review system with daily adjustments following changes in global oil markets.

The minister said the new mechanism would help prevent market manipulation, discourage unfair profits and ensure consumers get prices based on actual market conditions.

He made these remarks while chairing a meeting with officials and representatives of the petroleum sector to discuss the implementation of the new pricing framework.

Malik said the reform was approved as part of the government’s efforts to create a market-based petroleum pricing system. He added that prices would now be linked to international market trends through a transparent formula.

According to the minister, the daily pricing model would encourage competition among companies and reduce the chances of sudden price distortions.

Officials said the move is part of a wider plan to gradually reduce government control over the petroleum sector and allow market forces to determine prices.

The Oil and Gas Regulatory Authority (OGRA) has updated its systems to support the new mechanism and will provide daily fuel price information to improve public awareness.

During the meeting, stakeholders discussed challenges related to fuel supply, transportation costs, inventory management and technical adjustments.

Representatives of oil marketing companies and refineries welcomed the reform but highlighted concerns regarding its implementation.

The minister assured industry members that all genuine issues would be addressed through consultation and coordination.

He directed the Petroleum Division and OGRA to continue working with stakeholders to ensure a smooth transition.