Petroleum Minister Ali Pervaiz Malik on Saturday said the introduction of daily fuel price adjustments would help curb market abuse, eliminate opportunities for windfall gains and ensure greater transparency and fair pricing for consumers. The minister made the remarks during a meeting with key petroleum sector stakeholders. He added that the reform would promote transparency, strengthen competition and ensure fair, market-based prices for consumers. A day earlier, the minister announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. Under the new mechanism, retail petroleum prices will be determined through a transparent, formula-based system driven by market fundamentals, reducing the scope for political intervention and shielding consumers from abrupt price distortions. Among others, the meeting was attended by representatives of the Oil and Gas Regulatory Authority (Ogra), the Oil Companies Advisory Council (OCAC), the Oil Marketing Association of Pakistan (OMAP), refineries, oil marketing companies (OMCs) and senior officials of the Petroleum Division to discuss the implementation of the new pricing mechanism, a news release says.
Published: July 18, 2026 3:37 pm
Source: Dawn — Read original