Federal Minister for Petroleum Ali Pervaiz Malik has announced that the government has decided to authorize the Oil and Gas Regulatory Authority (OGRA) to determine petroleum product prices on a daily basis in line with international market trends. The updated prices will be published daily on OGRA’s website.
Addressing a joint press conference alongside the Federal Minister for Information, Ali Pervaiz Malik said the government had entrusted OGRA with the responsibility of determining petroleum prices to ensure transparency in the pricing mechanism.
He said OGRA would independently determine petroleum prices every day according to changes in the global market. If international prices decline, domestic prices will also be reduced accordingly, while any increase in global prices will similarly be reflected in the daily rates. He added that an updated price list will be issued on the website every day.
Also Read: Government Announces Rs22 Per Litre Cut in Petrol and Diesel Prices
The petroleum minister said the decision had been taken to strengthen the state and maintain transparency. He further stated that the petroleum levy and carbon support measures are part of international agreements, while their level remains the same as it was before the war. He added that, apart from obligations under those agreements, no additional financial burden had been imposed on the public.
The Federal Minister for Information said that when prices increased in the international market, the government bore a burden of Rs129 billion by providing subsidies to offer relief to the public. He also said that OGRA would soon issue its working regarding the new petroleum price determination mechanism.
