ISLAMABAD – Federal Minister for Petroleum Ali Pervaiz Malik has announced that the government has decided to introduce a daily fuel pricing mechanism, under which the Oil and Gas Regulatory Authority (OGRA) will determine the petroleum prices on a daily basis.

Addressing a press conference accompanied by Information Minister Attaullah Tarar, Malik said the recent escalation in regional tensions has pushed up global crude oil prices, leading to a renewed surge in energy prices worldwide.

He said that the government under the leadership of Prime Minister Shahbaz Sharif has used resources of 130 billion rupees to protect consumers from the effects of the increase in international oil prices.

“The prime minister and the federal cabinet have decided that Ogra will set fuel prices on a daily basis,” Malik said, adding that the move was aimed at making local fuel prices more responsive to fluctuations in the global oil market.

The minister said the government is also taking steps to increase domestic oil and gas exploration. He announced that Turkish Petroleum will bring an exploration ship to Pakistan in October, marking the company’s return to offshore oil and gas exploration after a 20-year hiatus.

He added that efforts are underway to upgrade local oil refineries so that they can process crude oil more efficiently and ensure supply of petroleum products to consumers at competitive international market prices.

The Petroleum Minister said that the government is also working to improve the administrative structure of the country, adding that these reforms will help in taking Pakistan towards sustainable economic growth.

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