Day: July 19, 2026

Islamabad: Federal Minister for Petroleum Ali Pervaiz Malik on Saturday held a meeting with key petroleum sector stakeholders on the government’s transition from weekly to daily petroleum pricing, saying the reform would promote transparency, strengthen competition and ensure fair, market-based prices for consumers.

Among others, the meeting was attended by representatives of the Oil and Gas Regulatory Authority (OGRA), the Oil Companies Advisory Council (OCAC), the Oil Marketing Association of Pakistan (OMAP), refineries, Oil Marketing Companies (OMCs) and senior officials of the Petroleum Division to discuss the implementation of the new pricing mechanism, a news release said.

The meeting was convened to brief industry stakeholders on the shift from weekly to daily petroleum price adjustments and obtain feedback on implementation challenges to ensure a smooth transition.

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

The minister informed the meeting that the reform had been introduced on the directive of the prime minister and approved by the federal cabinet as part of the government’s commitment to establishing a rules-based petroleum pricing regime.

Under the new mechanism, retail petroleum prices will be determined through a transparent, formula-based system driven by market fundamentals, reducing the scope for political intervention and shielding consumers from abrupt price distortions.

Addressing the participants, Ali Pervaiz Malik said the daily pricing regime represented a fundamental shift towards a competitive, market-driven economy by ending dependence on the weekly price announcement cycle and mandatory government approval.

He said the new system would help curb market abuse and eliminate opportunities for windfall gains while ensuring greater transparency and fair pricing for consumers.

Officials told the meeting that the daily pricing mechanism formed a key component of the government’s phased deregulation strategy aimed at gradually reducing state intervention and allowing market forces to determine petroleum prices, similar to the daily movement of exchange rates.

The minister said the Petroleum Division, in consultation with OGRA and industry stakeholders, was finalising comprehensive standard operating procedures (SOPs) to facilitate the transition.

He added that technical matters, including the Inland Freight Equalization Margin (IFEM), refinery adjustments and true-up mechanisms, were being addressed through close coordination with stakeholders.

OGRA informed the meeting that it had aligned its internal systems to implement the new regime and was upgrading its data dissemination mechanisms to publish daily petroleum price information for greater public transparency.

The meeting also reviewed operational issues relating to supply chain logistics, inventory management and the availability of real-time data.

The government assured stakeholders of its full support in addressing operational challenges and informed them that a dedicated committee had been constituted to oversee the transition and resolve implementation issues through consensus.

The minister stressed that OGRA, district administrations, oil marketing companies, dealers, OCAC and OMAP all had important roles in ensuring the success of the reform. He acknowledged that major reforms often presented implementation challenges but reiterated the government’s commitment to protecting consumers’ interests while ensuring the long-term sustainability of the petroleum sector.

Representatives of OCAC, OMAP, refineries and OMCs shared their views and highlighted operational concerns regarding the implementation of the daily pricing mechanism.

The minister assured them that all genuine issues would be addressed through continued consultation and collaborative engagement.

He directed the Petroleum Division and OGRA to hold follow-up meetings with industry representatives to further refine the pricing formula, resolve outstanding technical issues and ensure the successful rollout of the daily petroleum pricing regime.

Islamabad: Federal Minister of State for National Health Services, Regulations and Coordination (MoNHSRandC), Dr Malik Mukhtar Ahmad Bharath stated that partnerships worth $850 million have been finalized at the B2B investment conference, called it the largest trade and strategic cooperation in the health sector in the history of Pakistan

Addressing the closing ceremony of the Pakistan-China Pharmaceutical and Healthcare B2B Investment Conference, 2026, here, he expressed confidence that these partnerships would open new avenues for the promotion of industrial cooperation, health economy and advanced medical technology under CPEC Phase II.

While focusing on the details of agreements, he highlighted that 16 trade agreements are worth more than US $600 million, including projects in cell line development, biotechnology, synthetic API manufacturing, local manufacturing of medical devices and clinical trials, while 18 memorandums of understanding are worth US $250 million.

He underscored that these investments are not just announcements but a sign of the beginning of practical projects, which will play a significant role in promoting modern medical industry and local manufacturing in Pakistan.

He thanked more than 150 industry experts from China and the Chinese Ambassador to Pakistan, saying that Chinese investment and technology will help make Pakistan a major hub for manufacturing and exporting medical products in the region.

He assured the investors that regulatory approvals, licensing, registration and other official steps will be completed on a priority basis under the supervision of the Special Investment Facilitation Council (SIFC) to ensure early implementation of the agreements.

In conclusion, he urged Pakistani industrialists to immediately start work on their projects after the conference so that this historic industrial partnership between Pakistan and China can be turned into a practical success.

Islamabad: Deputy Prime Minister/Foreign Minister Senator Muhammad Ishaq Dar, Saturday, reiterated that the Government’s collective commitment remained focused on strengthening cooperative federalism, promoting effective intergovernmental coordination, and advancing decisions that serve the national interest.

The DPM/FM chaired a meeting of the Pre-Council of Common Interests (CCI) Committee which was constituted by the Prime Minister/Chairman CCI. The committee held a preparatory meeting at the Deputy Prime Minister’s Office ahead of the 53rd meeting of the CCI.

The meeting was attended by the Ministers for Planning and Inter-Provincial Coordination (IPC), SAPM Tariq Bajwa, the Secretaries of the Cabinet Division, Council of Common Interests, Planning, Petroleum, Water Resources, Power, Health, Overseas Pakistanis and Human Resource Development (OPandHRD), and other relevant stakeholders, DPM Office said in a press release.

After detailed deliberations, the committee recommended to the Prime Minister/Chairman, CCI, that the next meeting of the Council be held in August his year.

Islamabad: The prices of gold witnessed an increase in the local market on Saturday, with 24-karat gold per tola gaining Rs2,400 to settle at Rs424,236, according to rates issued by the All Pakistan Sarafa Gems and Jewellers Association.

Similarly, the price of 10 grams of 24-karat gold increased by Rs2,057 to Rs363,713, whereas 10 grams of 22-karat gold rose by Rs1,885 to Rs333,415.

In the international market, the price of gold increased by $24 to $4,018 per ounce.

Meanwhile, the price of silver per tola increased by Rs41 to Rs6,070, while the price of 10 grams of silver rose by Rs36 to Rs5,204.

The price of silver in the international market also increased by $0.41 to $55.91 per ounce, the association reported.

Islamabad: Deputy Prime Minister/Foreign Minister Senator Muhammad Ishaq Dar, Saturday, conveyed his heartiest congratulations to Felix Plasencia on his appointment as the Minister of Foreign Relations and Foreign Trade of the Bolivarian Republic of Venezuela.

‘I wish Foreign Minister Plasencia every success in his new responsibilities and look forward to working closely with him to further strengthen the friendly relations and mutually beneficial cooperation between Pakistan and Venezuela,’ the DPM/FM posted on X handle.

Islamabad: Sidra Foundation Pakistan has appointed social activist Junaid Kamran Siddique as its Brand Ambassador in a move aimed at strengthening the organization’s humanitarian outreach, youth engagement and community welfare initiatives.

The announcement was made during a ceremony held at Altaf Development, Faisal Hills, Islamabad, where Chairman and Chief Executive Officer of Sidra Foundation Pakistan Rehan Khan formally conferred the appointment, said a press release issued here.

Speaking on the occasion, Rehan Khan said the appointment reflected the Foundation’s commitment to promoting humanitarian values, volunteerism, youth leadership and sustainable community development.

He said the partnership with Junaid Kamran Siddique would help enhance public awareness about the Foundation’s welfare programmes and encourage greater participation in community service across the country.

Rehan Khan expressed confidence that Siddique’s leadership and public engagement would inspire more individuals, particularly young people, to contribute to humanitarian causes and social development initiatives.

Accepting the responsibility, Junaid Kamran Siddique thanked the leadership of Sidra Foundation Pakistan for reposing confidence in him.

He reaffirmed his commitment to supporting the Foundation’s mission and said he would work closely with its team to promote social welfare, youth empowerment and community service throughout Pakistan.

The ceremony was attended by community leaders, social workers and representatives from various sectors, who appreciated the Foundation’s efforts to build partnerships for expanding the reach and impact of its humanitarian initiatives.