Pakistan has introduced a new pricing mechanism under which petrol and high-speed diesel prices will now be determined on a daily basis, replacing the previous pricing schedule.
According to reports, the Oil and Gas Regulatory Authority (OGRA) will publish the new ex-depot prices on its official website every working day. However, no changes will be made on Saturdays and Sundays, and prices will remain unchanged over the weekend.
Under the new framework, fuel prices will be linked to the seven-day average of international oil prices. OGRA will determine the daily prices without requiring prior approval from the federal government.
The price of petrol will be calculated based on import costs and applicable premiums, while the price of high-speed diesel will also be determined using import costs and the seven-day average of global market prices.
The official document further states that the petroleum levy will not exceed the limit approved by the federal cabinet. Any change in the levy will require the approval of the Ministry of Finance.
Officials say the new pricing mechanism is intended to make domestic fuel prices more responsive to fluctuations in international oil markets while improving transparency and efficiency in the pricing process.
