Pakistan’s government has started preparing the next phase of oil sector reforms after expressing satisfaction with the newly introduced daily petroleum pricing mechanism and calling for clear milestones to move toward deregulation.

The development came during the fifth meeting of the Prime Minister’s Petroleum Pricing Committee, chaired by Federal Minister for Petroleum Ali Pervaiz Malik, where officials reviewed progress on reforms aimed at improving transparency, competition, and efficiency in the fuel market.

Committee members appreciated the daily fuel pricing framework, saying it has enhanced transparency in the price-setting process and could help limit sudden fluctuations in petroleum prices.

Ali Pervaiz Malik directed authorities to establish specific targets and timelines for oil sector deregulation. He also called for oil marketing companies to take responsibility for complete digitalization of the petroleum supply chain.

The minister said a public dashboard on the Oil and Gas Regulatory Authority (OGRA) website is already available, displaying daily fuel prices, pricing formulas, and relevant data.

The committee also discussed strategic petroleum reserves and a proposed price stabilization fund, which could help manage volatility in fuel prices.

Officials reviewed the impact of restrictions on new oil marketing companies, market competition, and investment trends. The committee also agreed that the freight margin pool requires further examination.

The Ministry of Finance has been asked to present a report on the proposed windfall tax after consultations with FBR and the Petroleum Division.

The committee will continue evaluating recommendations from its subcommittees before finalizing a comprehensive reform roadmap for Pakistan’s petroleum sector.