Govt sets June 2027 target for deregulating the prices of petrol

ISLAMABAD Government has set June 2027 as its target for deregulating prices of petrol . The decision was taken at a meeting of the Petroleum Pricing Committee chaired by Petroleum Minister Ali Pervaiz Malik, where officials reviewed proposed changes to the existing pricing mechanism, according to a report. According to report, it was decided in the meeting of petroleum pricing committee to work out major reforms in the system of prices of the products. Proposal was presented to link prices formula to market. The committee agreed to forward its final proposals to Prime Minister Shehbaz Sharif for approval. It also endorsed a revised method for calculating the Inland Freight Equalisation Margin (IFEM), which forms an important part of petroleum pricing. The Oil and Gas Regulatory Authority (Ogra) informed the meeting that its audit of IFEM for the financial year 2025-26 would be completed by the end of calendar year 2026.