Petroleum Minister Calls for Deregulation After Daily Fuel Price Updates
The petroleum sector is moving toward deregulation as the government looks to set clear targets and milestones after expressing satisfaction with the country’s new daily fuel pricing mechanism.
Federal Minister for Petroleum Ali Pervaiz Malik on Thursday briefed the fifth meeting of the Prime Minister’s Petroleum Pricing Committee to develop specific goals and timelines for the phased deregulation of the sector.
Committee members praised the daily petroleum pricing formula, saying the new mechanism has helped reduce volatility in fuel prices.
Energy Minister said oil marketing companies should be made responsible for the end-to-end digitalization of the petroleum supply chain. He added that a dashboard on the Oil and Gas Regulatory Authority (OGRA) website is now operational and provides daily price updates and related data to the public.
The committee also examined the potential role of strategic petroleum reserves and a price stabilization fund in controlling sharp price fluctuations.
It was revealed that the Finance Division has been directed to submit a report on the proposed windfall tax after consultations with the Federal Board of Revenue (FBR) and the Petroleum Division.
The committee said it will continue evaluating recommendations from its subcommittees to prepare a comprehensive reform roadmap to ensure consumer protection in Pakistan’s oil sector.
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