ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has announced that it is fully prepared to implement a modern system for the daily publication of petroleum product prices, indicating a significant step towards greater transparency and market-based pricing in Pakistan’s energy sector.
The announcement came during a high-level consultative meeting held to discuss the proposed daily pricing mechanism for petroleum products. Representatives from across the oil industry welcomed the government’s initiative, describing it as an important reform for the sector.
The meeting was attended by senior officials from OGRA, the Oil Companies Advisory Council (OCAC), the Oil Marketing Association of Pakistan (OMAP), oil refineries, Oil Marketing Companies (OMCs), and the Petroleum Division.
The participants exchanged views and presented recommendations aimed at ensuring the smooth implementation of the new pricing framework.
Federal Minister for Petroleum Ali Pervaiz Malik said the new system would determine petroleum product prices through a transparent formula that reflects actual market conditions.
He noted that the mechanism is intended to reduce uncertainty in fuel prices caused by political considerations and provide consumers with a more predictable and market-driven pricing structure.
The minister stated that the initiative forms an important part of the government’s phased deregulation strategy for the petroleum sector. He added that the reforms are being introduced under the special directives of Prime Minister Shehbaz Sharif, with the objective of reducing government intervention and promoting a more competitive market environment.
During the meeting, officials briefed participants on the progress of the initiative and discussed the development of Standard Operating Procedures (SOPs), which are being prepared through close consultation between OGRA and industry stakeholders.
in this sense, Ali Pervaiz Malik also announced that a special committee would be established to address outstanding technical and operational issues through consensus.
Meanwhile, OGRA officials assured participants that the regulatory authority is technically fully prepared to implement the daily pricing system. They said the authority is further upgrading its digital infrastructure to ensure the timely publication of daily petroleum prices once the mechanism is introduced.
