Islamabad: (RightNow) The Petroleum Pricing Committee meeting was chaired by Federal Minister Ali Pervaiz Malik. The meeting agreed to make petroleum product prices transparent and market-based.

The committee recommended a target of June 2027 for deregulating petrol prices. Prices will gradually shift to a market-based system.

The meeting stated that the recommendations aim to improve market performance and protect consumers from sudden price fluctuations. A final report will soon be presented to the Prime Minister.

The committee also set guidelines for government intervention in diesel price hikes during emergencies. An agreement was reached on a revised method for determining the Inland Freight Equalization Margin.

It is noteworthy that OGRA has directed written recommendations regarding the performance of oil marketing companies. The meeting emphasized the need to maintain adequate fuel reserves.