The petrol and diesel prices will be determined daily starting from Monday. The Oil and Gas Regulatory Authority (OGRA) will publish the new ex-depot prices on its official website every day.
According to the official document, petrol and diesel prices will be linked to the seven-day average of international market prices. However, there will be no changes to petroleum product prices on Saturday and Sunday. OGRA will no longer require government approval to determine daily prices.
The daily petrol price will be calculated based on the import cost and the applicable import premium. If there are no petrol imports on a given day, the price will be determined using the annual average import premium. Similarly, diesel prices will be based on the import cost and the seven-day average of international prices.
The Petroleum Development Levy (PDL) will not exceed the limit approved by the federal cabinet. Any changes to the levy will require approval from the Ministry of Finance.
The document further states that OGRA will also publish international benchmark prices on its website to enhance transparency. Daily publication of global reference prices has been made mandatory.
Beginning in 2027, only Pakistan State Oil (PSO) will be authorised to import high-speed diesel, while oil marketing companies (OMCs) will be permitted to import petrol according to their respective market shares.
OMCs that violate the import regulations will be disqualified from importing for nine months. Prices of kerosene oil and light diesel oil will also be determined daily. OGRA has been directed to implement the new daily pricing system with immediate effect.
It is worth mentioning here that the government has revised the prices of petroleum products for three days since Friday.
According to a press release issued by the Ministry of Energy, the price of petrol has been increased by 5.44 rupees per litre. The new price of petrol is 316.15 rupees per litre.
The price of High Speed Diesel has been increased by 31.05 rupees per litre. The new price of diesel is 354.35 rupees per litre.
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