Minister for Petroleum Ali Pervaiz Malik has said the daily pricing mechanism for petroleum products represents a fundamental shift towards a competitive, market-driven economy by ending dependence on the weekly price announcement cycle and mandatory government approval.

He was talking to key petroleum sector stakeholders on the government's transition from weekly to daily petroleum pricing in Islamabad today.

The Minister said the new system would promote transparency, strengthen competition and ensure fair, market-based prices for consumers.

He said the Petroleum Division, in consultation with OGRA and industry stakeholders, was finalising comprehensive standard operating procedures to facilitate the transition.

The move was widely welcomed by the industry, which described it as a positive step towards deregulating Pakistan's petroleum sector.