The Petroleum Minister, Ali Pervaiz Malik, announced daily fuel price adjustments to curb market abuse, eliminate windfall gains, and ensure fair pricing for consumers.

This reform, introduced following international market fluctuations due to Iran-US tensions, replaces the weekly pricing system with a transparent, formula-based mechanism driven by market fundamentals.The new system aims to reduce political intervention, shield consumers from abrupt price changes, and align with market-driven economics.Key stakeholders, including Ogra, OCAC, OMAP, and OMCs, were consulted to ensure smooth implementation.

The government emphasized a phased deregulation strategy to gradually reduce state control over petroleum prices, similar to exchange rate mechanisms.Technical aspects like the Inland Freight Equalisation Margin (IFEM) and true-up mechanisms are being addressed through stakeholder coordination.Ogra upgraded its data dissemination systems to provide daily price updates, enhancing public transparency.

The move was welcomed by the petroleum industry as a step toward deregulation, with assurances of continued consultation to resolve implementation challenges.