ISLAMABAD: The federal government has announced plans to move Pakistan’s petroleum sector toward deregulation, with the Oil and Gas Regulatory Authority (OGRA) set to determine and publish petroleum product prices on a daily basis, Petroleum Minister Ali Pervaiz Malik said on Thursday.


Addressing a joint press conference alongside Information Minister Attaullah Tarar, Malik said the decision had been approved by Prime Minister Shehbaz Sharif and the federal cabinet as part of broader reforms aimed at making fuel pricing more responsive to international market trends.


He said OGRA would publish daily petroleum prices on its website, adding that the government was committed to ensuring transparency while protecting consumers from unnecessary financial burden.


The petroleum minister attributed recent pressure on fuel prices to developments in the international energy market, saying diesel prices had surged from around $110 per barrel to nearly $140 per barrel amid regional tensions. He added that global energy prices were once again on an upward trajectory.


Malik said the federal government had spent Rs130 billion on petroleum subsidies and that the subsidy programme remained in place to shield consumers from the full impact of rising international prices.


He said the government was taking steps to deregulate the petroleum sector and revealed that Prime Minister Shehbaz Sharif had constituted a high-level committee under his chairmanship to oversee the reform process.


The minister also highlighted efforts to strengthen Pakistan’s energy security by increasing domestic oil and gas exploration. He announced that Turkish Petroleum would bring an offshore drilling vessel to Pakistan in October, marking the company’s return to offshore exploration in the country after two decades.


Malik said discussions with the International Monetary Fund (IMF) were continuing on resolving the country’s circular debt issue. He added that the government was also working to upgrade domestic refineries so they could process crude oil more efficiently and supply petroleum products to consumers at internationally competitive prices.


He said reforms were also under way to improve the country’s administrative framework and expressed confidence that the government would steer Pakistan’s economy in a positive direction.


Speaking on the regional situation, Information Minister Attaullah Tarar said the recent increase in international oil prices was directly linked to geopolitical tensions. He said Pakistan had consistently worked to reduce tensions through diplomatic engagement and that Prime Minister Shehbaz Sharif’s efforts to promote regional stability had received international recognition.


Tarar noted that rising geopolitical tensions historically lead to higher global oil prices, which inevitably affect Pakistan. He added that when tensions were at their peak, the government had taken timely measures to secure additional petroleum stocks, helping maintain domestic fuel supplies despite disruptions in the global market.