Islamabad: Minister for Petroleum Ali Pervaiz Malik has announced that the daily pricing mechanism for petroleum products signifies a fundamental shift towards a competitive, market-driven economy. This change aims to end the reliance on the weekly price announcement cycle and mandatory government approval.
According to Radio Pakistan, the Minister shared these insights during discussions with key petroleum sector stakeholders in Islamabad. He emphasized that the new system is designed to promote transparency, enhance competition, and ensure consumers benefit from fair, market-based prices.
Malik further elaborated that the Petroleum Division, in collaboration with OGRA and industry stakeholders, is in the process of finalizing comprehensive standard operating procedures to aid the transition to daily pricing.
The industry's response to this initiative has been largely positive, with stakeholders welcoming it as a significant step towards the deregulation of Pakistan's petroleum sector.