Pakistan will begin updating petroleum prices on a daily basis as global diesel prices continue to rise amid escalating regional tensions, Federal Petroleum Minister Ali Pervaiz Malik announced on Friday.
Islamabad, Pakistan – Web Desk: Addressing a joint press conference with Information Minister Attaullah Tarar, Malik said the decision was approved by Prime Minister Shehbaz Sharif and the federal cabinet. Under the new policy, the Oil and Gas Regulatory Authority (OGRA) will determine petroleum prices every day based on movements in international oil markets.
The minister said global crude oil and diesel prices have surged due to renewed instability in the Middle East, pushing diesel prices from $110 per barrel to around $140 per barrel in recent days.
Malik noted that despite mounting pressure on international energy markets, the government has continued targeted fuel subsidies and has not shifted the additional financial burden onto consumers. He added that Pakistan is gradually moving toward deregulation of the petroleum sector while maintaining strict oversight to prevent profiteering and hoarding.
According to the minister, OGRA will publish updated fuel prices on its official website every day to ensure greater transparency and quicker adjustments in line with global market trends.
He also warned that authorities would take strict action against oil marketing companies or traders involved in illegal hoarding or excessive profiteering.
Information Minister Attaullah Tarar said Pakistan had successfully managed its energy supplies despite regional tensions by securing additional fuel cargoes in advance. He stressed that the government would continue monitoring the market closely to ensure uninterrupted fuel availability while protecting consumers from market manipulation.
The ministers reiterated that the government remains committed to stabilizing the energy sector, improving market efficiency, and ensuring a reliable supply of petroleum products across the country.
