Govt to review petroleum prices on daily basis

The federal government has announced a new transparency initiative under which the Oil and Gas Regulatory Authority (Ogra) will review petroleum prices daily and publish pricing details on its website to support weekly fuel price calculations.

 

Speaking at a press conference alongside Information Minister Ataullah Tarar, Petroleum Minister Ali Pervaiz Malik said the federal cabinet, chaired by Prime Minister Shehbaz Sharif, had approved the move to improve transparency and better align domestic fuel prices with international market trends.

 

Under the new mechanism, Ogra will publish Platts benchmark prices—the international reference for petroleum products—along with a detailed breakdown of the factors contributing to retail fuel prices.

 

Malik described the initiative as an important step toward greater transparency in the petroleum sector, saying it would help the public better understand the factors behind changes in fuel prices.

 

He added that a Petroleum Division committee reviewing Pakistan's energy security is expected to submit its recommendations within 15 to 20 days.

 

The minister said recent increases in global oil prices were driven by renewed geopolitical tensions, noting that diesel prices had risen from $110 to $140 per barrel, while petrol prices increased from $79 to $100 per barrel.

 

Meanwhile, Ataullah Tarar said the government had not increased the petroleum levy, arguing that it currently remains lower than before the recent conflict. He said the daily publication of pricing data would enhance transparency and help explain fuel price adjustments.

 

Tarar also encouraged wider adoption of electric vehicles (EVs) and electric motorcycles, stressing that expanding electric mobility would require collaboration between the public and private sectors.

 

Responding to criticism of oil marketing companies, he said the government was closely monitoring the sector and would not allow any company to take unfair advantage of market conditions through excessive profiteering.