Islamabad: (RightNow) The federal government has decided to change the system for determining petroleum product prices. Petroleum Minister Ali Pervaiz Malik stated that the Prime Minister and the federal cabinet have approved OGRA to set prices on a daily basis.

He mentioned that OGRA will release new prices daily on its website. The aim of this decision is to better manage the prices.

According to him, the government is gradually moving the petroleum sector towards deregulation, and the Prime Minister has established a high-level committee under his leadership for this purpose.

The government has provided subsidies to control the increase in petroleum product prices. The Petroleum Minister noted that the price of diesel in the global market has risen from $110 to $140.

The federal government has given a subsidy of 130 billion rupees to control petroleum product prices. The increase in prices directly affects the public. The Information Minister stated that global tensions cause oil prices to rise, impacting Pakistan as well.

It is noteworthy that the government has also taken steps to increase local oil and gas exploration. Turkish Petroleum is bringing its ship for exploration in October after twenty years.