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A new multiobjective power control algorithm is presented in this paper in which power update is accomplished using local information. The algorithm benefits a multiobjective optimization technique the objectives of which are designed in a way to not only minimize the users’ transmit power but also maintain the users’ SIR at an acceptable level, on one hand, and reduce as much possible the SIR fluctuations, on the other hand. The convergence characteristics of the proposed method are investigated both theoretically and with simulations. The results indicates that, compared to other existing power control algorithms, the proposed algorithm has a higher convergence speed while reducing user’s transmit power. Introducing the practical version of the proposed algorithm, it is then compared with two existing algorithms including B-BPSC (FSPC) and MOTDPC. Simulation results show significant improvements in the convergence speed and average consumed power.