The government has planned to fully deregulate its petroleum products market by 2027 after the country’s oil refineries make necessary technical upgradation in 2026, according to the draft of the upcoming Pakistan Oil Refining Policy.   The Oil and Gas Regulatory Authority (Ogra) is in a process of consultation with oil marketing companies and oil refineries.  Petroleum product rates are currently determined by the government that fortnightly revisits them to keep them consistent with the price fluctuations in the international market.  Full deregulation till 2027 will be finalized in consultation with all the stakeholders.  According to the draft policy, Pakistani oil refineries are required to complete the upgradation process by December 31, 2026.  The deregulation will allow OMCs to set the prices themselves, based on the quality of fuel, the location and other value-added services.