Islamabad: (RightNow) A new system for daily pricing of petroleum products has been approved. This decision will take effect from today, and OGRA will publish new ex-depot prices daily on its website.

According to documents, the prices of petrol and diesel will be linked to the 7-day average global rates. There will be no price changes on Saturdays and Sundays. OGRA will not require government approval for price determination.

Petrol prices will be based on import costs and premiums, while in the absence of imports, they will be set according to the annual average premium. Diesel prices will also be determined based on import costs and a 7-day average.

The Petroleum Development Levy will not exceed the cabinet’s set limit. Changes in the levy will only be possible with the approval of the Ministry of Finance. Daily publication is mandatory for transparency in global pricing.

It is noteworthy that from 2027, only PSO will import high-speed diesel. OMCs will be allowed to import petrol according to their market share. A 9-month disqualification will be imposed for violating import conditions.