ISLAMABAD – Federal Petroleum Minister Ali Pervaiz Malik has announced that the government has decided to introduce a daily fuel pricing mechanism, under which the Oil and Gas Regulatory Authority (OGRA) will determine petroleum prices every day.
Addressing a press conference alongside Information Minister Attaullah Tarar, Malik said the recent escalation in regional tensions has pushed up global crude oil prices, leading to renewed increases in energy costs worldwide.
He said the government, under the leadership of Prime Minister Shehbaz Sharif, had utilised Rs130 billion in resources to shield consumers from the impact of rising international oil prices.
“The prime minister and the federal cabinet have decided that OGRA will determine fuel prices on a daily basis,” Malik said, adding that the move is aimed at making domestic fuel prices more responsive to fluctuations in the global oil market.
He said the government was moving towards deregulating the petroleum sector to improve efficiency and competitiveness.
The minister said the government is also taking steps to increase domestic oil and gas exploration. He announced that Turkish Petroleum will bring an exploration vessel to Pakistan in October, marking the company’s return to offshore oil and gas exploration after a gap of 20 years.
Malik said the government is continuing discussions with the International Monetary Fund (IMF) on resolving the country’s circular debt issue.
He added that efforts are underway to upgrade local oil refineries to enable them to process crude oil more efficiently and ensure the supply of petroleum products to consumers at competitive international market prices.
The petroleum minister said the government is also working to improve the country’s administrative framework, adding that these reforms will help steer Pakistan towards sustainable economic progress.
