Federal Petroleum Minister Ali Pervaiz Malik said on Saturday that the petroleum product prices under the new system would be set through a transparent formula.
The petroleum minister had chaired a consultative meeting with industry stakeholders on the proposed daily pricing system for petroleum products. The representatives of Ogra, the Oil Companies Advisory Council (OCAC), oil marketing companies, refineries and other relevant authorities attended the meeting. He said prices would reflect actual market conditions.
Reforms will reduce scope for unfair profiteering: Malik
Malik said the reforms would reduce the scope for unfair profiteering, exploitation and excessive financial gains. He said the aim was to protect the public from price fluctuations caused by political considerations.
He said the reforms were an important part of the government's phased deregulation strategy. A briefing said the government was working to reduce its intervention in fuel pricing through gradual reforms.
The Ogra, OCAC, OMAP, refineries and oil marketing companies presented their proposals on the new system.
The petroleum minister said standard operating procedures were being prepared in consultation with Ogra and the petroleum industry for the introduction of daily fuel prices.
Ogra officials said the authority was fully prepared to implement the new system. They said its systems were being upgraded to allow the timely publication of daily petroleum prices.
The meeting reviewed matters related to the implementation of the new system, including the supply chain, inventory management and the availability of real-time data.
The federal petroleum minister said a special committee had been formed to oversee the implementation of the daily pricing system.
Malik said all practical issues would be resolved through consensus. He said the government remained committed to protecting the public interest while ensuring the long-term stability of the petroleum industry.
The representatives of the oil industry welcomed the government's new initiative during the meeting.
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