The Petroleum Division of Pakistan’s Ministry of Power has assured oil advertising and marketing firms and refineries that future gasoline worth changes can be based mostly on precise import premiums, whereas the weekly pricing system will proceed with out main adjustments within the close to time period.
The peace of mind was given throughout a gathering in Islamabad between Petroleum Minister Ali Pervaiz Malik, Secretary Hamed Yaqoob Shaikh, and senior executives of oil advertising and marketing firms and refineries.
Officers mentioned upcoming petrol costs can be calculated utilizing a $15.85 per barrel import premium from the most recent cargo organized by Pakistan State Oil (PSO), whereas diesel pricing will proceed to be based mostly on PSO’s import premium from Kuwait Petroleum, estimated at $5-6 per barrel.
Trade representatives strongly criticized frequent adjustments to the pricing system over the previous three months, saying it had brought on main monetary losses and worn out earnings, whereas additionally discouraging international funding within the sector.
Some executives mentioned refineries had been underneath stress because of the presence of smuggled high-speed diesel available in the market and demanded full deregulation of pricing together with stricter motion in opposition to smuggling. Others warned that latest losses had alarmed international buyers and will result in potential exits.
Issues had been additionally raised over unpaid worth differential claims by the Oil and Fuel Regulatory Authority (OGRA), which executives mentioned had been creating severe working capital points for firms.
Petroleum Minister Ali Pervaiz Malik mentioned the federal government wouldn’t instantly change the weekly pricing mechanism, including {that a} committee had been shaped by the prime minister to assessment petroleum pricing with enter from all stakeholders. He mentioned any transfer in the direction of full deregulation could be gradual.
The assembly additionally noticed criticism of business representatives for weakening their place in coverage boards and never responding to public criticism, whereas some disputes emerged over regulatory engagement and decision-making transparency.
Regardless of tensions, either side agreed that consultations would proceed as the federal government works in the direction of a extra secure and clear gasoline pricing framework.
