The decision was taken at the fifth meeting of the Petroleum Pricing Committee, chaired by Petroleum Minister Ali Pervaiz Malik on Thursday.

The committee reviewed proposals related to phased deregulation of the oil sector, petroleum pricing reforms and broader structural changes.

Committee members endorsed the proposed daily petroleum pricing mechanism, saying it would improve transparency and help reduce unnecessary price fluctuations.

Ali Pervaiz Malik directed officials to develop a reform roadmap with clear targets, timelines and milestones to ensure the deregulation process is implemented in a phased and organised manner.

He also instructed that oil marketing companies (OMCs) be made responsible for the end-to-end digitalisation of the petroleum supply chain, enabling transparent monitoring of fuel transportation, storage, distribution and sales through modern technology.

The committee was informed that the Oil and Gas Regulatory Authority (OGRA) had activated a dashboard on its website displaying daily petroleum prices, the pricing formula and related data to provide consumers, investors and stakeholders with timely access to information.

Members also reviewed proposals to establish strategic petroleum reserves and a price stabilisation fund, which officials said could help cushion the domestic market from sudden fluctuations in global oil prices.

The meeting also discussed the ban on establishing new oil marketing companies and its impact on market competition, investment and the overall structure of the petroleum sector.

The committee agreed to undertake a comprehensive review of the freight margin pool mechanism to identify shortcomings and recommend reforms.

The Ministry of Finance was directed to submit a detailed report on the proposed windfall tax, in consultation with the Federal Board of Revenue (FBR) and the Petroleum Division, at the committee’s next meeting.

The Petroleum Pricing Committee was constituted on the prime minister’s instructions to review Pakistan’s petroleum pricing mechanism and recommend reforms aimed at enhancing transparency, competition, efficiency and consumer protection.