• High-speed diesel to be deregulated at a later stage • Ogra may be empowered to adjust diesel pricing without repeated cabinet approvals • Petroleum price stabilisation fund unlikely to be operationalised ISLAMABAD: The government is unlikely to operationalise the recently created Petroleum Prices Stabilisation Fund (PPSF) and instead plans more changes to the pricing mechanism, including complete deregulation of petrol by June 2027, with high-speed diesel to follow at a later stage. A meeting of the committee on petroleum pricing, led by Petroleum Minister Ali Pervaiz Malik, also agreed in principle to empower the Oil and Gas Regulatory Authority (Ogra) to switch diesel pricing to crude-based calculations in case of an unusual rise in the diesel crack spread without seeking repeated approvals from the federal cabinet. The cabinet had last month temporarily capped the HSD crack spread — the gap between international diesel and crude oil prices — at $41.89 per barrel after it averaged above $60, resulting in windfall gains for local refineries and sharp increases in their profitability and share prices. Once approved, Ogra would be able to adjust the HSD crack spread within a pres
