ISLAMABAD: The federal government has decided to review fuel prices on a daily basis in response to rising global oil prices and heightened volatility in international energy markets, Petroleum Minister Ali Pervaiz Malik announced on Friday.
Addressing a joint press conference with Information Minister Attaullah Tarar, Malik said the decision had been approved by Prime Minister Shehbaz Sharif and the federal cabinet. Under the new mechanism, the Oil and Gas Regulatory Authority (Ogra) will determine fuel prices every day, with updated rates to be published on its official website.
The minister said renewed military tensions in the Middle East had significantly impacted global energy markets, noting that international diesel prices had increased from around $110 per barrel to approximately $140 per barrel following the latest hostilities.
Malik said the government would continue its targeted fuel subsidy programme but acknowledged that consumers were facing the impact of higher international oil prices. He added that petroleum and carbon support levies on petrol and diesel remained lower than previous levels, while the government was also moving towards deregulating petroleum products.
Speaking on the occasion, Information Minister Attaullah Tarar said the latest increase in domestic fuel prices was directly linked to regional developments and fluctuations in international oil markets. He added that Pakistan continued to meet its energy requirements through imported cargoes from multiple countries.
Tarar said the country had not experienced any energy shortages due to the government’s policies and assured that oil marketing companies (OMCs) were operating under strict regulatory oversight. He warned that hoarding would not be tolerated and said action would be taken against any violations.
He noted that many countries immediately pass changes in international petroleum prices on to consumers, describing the practice as a standard feature of global energy markets.
The decision follows the government’s earlier move to shift from fortnightly to weekly petroleum price adjustments after regional tensions escalated. In the latest review, petrol prices were increased by Rs13.18 per litre to Rs310.71, while high-speed diesel prices rose by Rs13.80 per litre to Rs323.30.