ISLAMABAD, JUL 17: The federal government has decided to review fuel prices on a daily basis amid a surge in global oil rates, Petroleum Minister Ali Pervaiz Malik said on Friday.
Addressing a press conference alongside Information Minister Attaullah Tarar, Malik said the decision was approved by Prime Minister Shehbaz Sharif and the federal cabinet.
Renewed military strikes in the Middle East were also weighing on risk sentiment, keeping oil prices elevated and reigniting concerns about inflation and growth.
Oil prices were on the rise, with Brent crude futures LCOc1 up 0.6% at $84.75 a barrel, while US crude CLc1 advanced 1.1% to $79.8 per barrel.
He said the Oil and Gas Regulatory Authority (Ogra) would determine fuel prices daily, with updated rates to be published on its website.
Expressing concern over renewed tensions in the Middle East, the minister said the conflict heightened uncertainty in global energy markets. He noted that international diesel prices had risen sharply following the latest hostilities, increasing from around $110 per barrel to $140 per barrel.
Malik said the government continued its targeted fuel subsidy programme, but acknowledged that consumers were still feeling the impact of higher fuel costs.
He added that petroleum and carbon support levies on petrol and diesel remained lower than previous levels, while the government was also moving towards the deregulation of petroleum products.
Addressing the news conference, Tarar said the latest increase in domestic fuel prices was linked to regional developments and volatility in international oil markets.
He added that Pakistan’s energy requirements were met through imported cargoes from various countries.
The information minister said the country had not experienced any energy shortages due to the government’s policies.
He stressed that oil marketing companies (OMC) were operating under strict regulatory oversight and warned that no one would be allowed to engage in hoarding.
Tarar added that many countries immediately pass changes in petroleum prices on to consumers, describing the practice as a common feature of global energy markets.
The move to daily price reviews follows the government’s earlier decision to conduct weekly petroleum price adjustments after tensions escalated following the US-Israeli conflict with Iran on February 28.
During the last review, the government raised petrol and high-speed diesel (HSD) prices by Rs13.18 and Rs13.80 per litre, respectively, taking the rates to Rs310.71 and Rs323.30 per litre.
