Petroleum Prices to be Decided Daily; Increase Expected Today

(Digital Itla) The government is considering introducing a daily pricing mechanism for petroleum products, which would restrict the government's direct role and grant more authority to the Oil and Gas Regulatory Authority (OGRA).

According to Petroleum Division sources, under the proposed system, OGRA will determine the prices of petroleum products every night, with the new rates taking effect at 12:00 AM. Sources state that OGRA will be tasked with setting daily prices for Motor Spirit (Petrol), High-Speed Diesel (HSD), Light Diesel Oil (LDO), and Kerosene Oil.

A senior official from the Petroleum Division mentioned that the government's direct intervention in final price determinations will be significantly reduced under this proposed framework. Instead, daily adjustments will be driven by international crude oil prices, exchange rates, and other relevant market factors. Officials state that the goal of this system is to make the petroleum pricing process more transparent and market-driven, though the final approval and implementation of this mechanism rest with the government.