Pakistan has introduced a daily petroleum pricing system as global oil prices rise amid regional tensions. The decision will directly affect fuel consumers and the country’s energy sector.
Federal Petroleum Minister Ali Pervaiz Malik announced that OGRA would determine petroleum product prices daily. He said the prime minister and federal cabinet approved the new pricing mechanism.
Ali Pervaiz Malik said diesel prices in the international market increased from $110 to $140 due to rising tensions. He added that energy costs were increasing globally because of market uncertainty.
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The minister said the government was moving toward petroleum product deregulation. He stated that OGRA would review global market conditions and set daily prices accordingly.
Meanwhile, Information Minister Atta Tarar said rising oil prices were linked to increased regional tensions. He said Pakistan arranged additional oil supplies to meet energy requirements and prevent shortages.
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The petroleum minister said the government continued targeted subsidy programs despite international price pressures. He added that Rs130 billion in resources were used to support consumers.
Additionally, OGRA will publish daily petroleum prices on its website, while authorities will monitor oil companies. The government said strict action would be taken against hoarding and illegal profiteering.