OGRA to set fuel prices daily under new government policy

Ali Pervaiz Malik said the decision was approved by Prime Minister Shehbaz Sharif and the federal cabinet.

ISLAMABAD: Federal government has decided to move to a daily fuel pricing mechanism, with the Oil and Gas Regulatory Authority (OGRA) set to determine petroleum prices on a daily basis, Petroleum Minister Ali Pervaiz Malik said Friday.

Speaking at a joint news conference with Information Minister Attaullah Tarar, Malik said the decision was approved by Prime Minister Shehbaz Sharif and the federal cabinet in response to volatility in global oil markets.

The minister said renewed regional tensions have pushed up international crude oil prices, leading to higher energy costs worldwide.

He added that the government had previously utilized Rs130 billion in fiscal resources to cushion consumers from the impact of rising fuel prices.

Malik said the shift to daily price adjustments is intended to better reflect changes in international oil markets and ensure a more responsive pricing mechanism for petroleum products in Pakistan.