Islamabad: In a move aimed at enhancing transparency in the petroleum sector, the Oil and Gas Regulatory Authority (OGRA) has been authorized to determine petroleum product prices on a daily basis, aligning them with international market trends. The announcement was made by Minister for Petroleum Ali Pervaiz Malik during a joint press conference with Minister for Information and Broadcasting Attaullah Tarar.

According to Radio Pakistan, the decision was taken by Prime Minister Shehbaz Sharif and the Federal Cabinet to ensure a transparent pricing system that mitigates financial risk to the state. OGRA will publish daily petroleum prices online, detailing components influencing final retail costs. The initiative aims to provide the public with a clearer understanding of price adjustments.

Minister Ali Pervaiz Malik highlighted recent increases in global energy prices, with diesel and petrol prices experiencing significant hikes based on the Platts benchmark. He emphasized the government’s ongoing subsidy program, which has allocated 130 billion rupees to offset the impact on consumers without imposing additional levies.

The government is transitioning its role in price-setting to OGRA, allowing for automatic reflection of international price changes domestically. This step is part of broader deregulation efforts in the petroleum sector. A high-level committee chaired by the Prime Minister is tasked with proposing long-term energy reforms.

Further efforts include assessing the feasibility of a strategic petroleum reserve, fostering commercial oil storage partnerships, and expanding domestic oil exploration. Agreements are in place with international firms, including Turkish Petroleum, to begin offshore exploration.

Prime Minister Sharif has instructed strict enforcement against oil sector profiteering to protect public interests. Information Minister Attaullah Tarar linked recent fuel price surges to regional tensions and advocated for a gradual shift towards electric vehicles to curb reliance on imported fuels.

The government remains committed to long-term energy security and economic stability amid global price fluctuations and regional challenges.