ISLAMABAD: Pakistan moved closer to daily fuel pricing on July 18. Federal Petroleum Minister Ali Pervaiz Malik met regulators, refineries and fuel firms to discuss the plan.
The plan would replace weekly changes with daily rates based on market data and a set formula. The federal cabinet approved the reform on the prime minister’s orders.
Malik said the change would make fuel prices clearer and more responsive to market shifts. It would also remove the need for government approval during every price cycle.
Meanwhile, officials from the Oil and Gas Regulatory Authority (OGRA) and the Petroleum Division attended the meeting. The Oil Companies Advisory Council (OCAC) also took part.
The Oil Marketing Association of Pakistan (OMAP), local refineries and fuel firms also joined the talks.
Participants reviewed fuel transport costs, refinery changes, price corrections and stock and supply issues. The Petroleum Division and OGRA are now drafting rules for the switch.
Read: Pakistan Petrol Price Rises Rs5.44, HSD Up Rs31.05
At the same time, OGRA is upgrading its data systems. It will publish daily Platts benchmark prices while officials complete the retail-price plan.
Earlier, a government pricing committee recommended publishing the daily data from July 13. The move would show consumers which global benchmark Pakistan uses to calculate fuel prices.
However, industry officials raised concerns about the rollout. Malik asked the Petroleum Division and OGRA to hold more talks and improve the formula.
The federal government has also formed a committee to guide the change and settle disputes. Still, officials have not announced when daily retail-price revisions will begin.
