The government has decided to review petroleum prices on a daily basis in response to rising global oil prices, Petroleum Minister Ali Pervaiz Malik said on Friday.
The minister said the federal cabinet and the prime minister had decided to assign the Oil and Gas Regulatory Authority (OGRA) the responsibility of determining fuel prices on a daily basis in line with fluctuations in the international market.
Malik said OGRA would not only publish the fuel prices on its website but would also provide details of the factors and calculations behind the rates being charged at petrol stations.
He acknowledged that the move could increase the financial burden on consumers but said the decision was necessary in the interest of the country.
According to the minister, the step is part of the government’s efforts to bring greater transparency to the fuel pricing mechanism and help citizens understand the reasons behind changes in petroleum prices.
Information Minister Atta Tarar said the decision would not be easy, as rising oil prices create pressure across all sectors of the economy, and the government fully understands its impact.
He added that determining fuel prices on a daily basis would allow fluctuations in the international market to be passed on to consumers more directly.
Tarar said the petroleum levy was currently lower than the level imposed during wartime and that no increase had been made in the levy. He added that shifting to a daily pricing mechanism would make the system more transparent.
