The federal government has decided to revise petrol and diesel prices on a daily basis, Petroleum Minister Ali Pervaiz Malik announced today.
Speaking at a press conference alongside Information Minister Attaullah Tarar, Malik said the decision was taken due to frequent fluctuations in international oil prices due to renewed tensions between Iran and the United States.
Under the new system, the OGRA (Oil and Gas Regulatory Authority) will calculate and announce fuel prices daily,
He also said that the new structure will no longer require separate approval from the petroleum minister, the information minister, or other government officials. Only OGRA will have the right to set and revise the fuel prices.
Malik said OGRA would also publish the pricing formula, international rates, and other factors used to determine the retail prices of petrol and diesel.
However, officials have not yet specified when the daily fuel price revision system will come into effect.
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