The federal government will shift to a daily petroleum pricing system, with petrol and diesel prices adjusted every day in line with international market movements, Petroleum Minister Ali Pervaiz Malik announced on Friday.
He said the decision had been approved by the prime minister and federal cabinet. Under the new mechanism, the Oil and Gas Regulatory Authority (OGRA) will determine prices daily and publish them on its website.
He said the move is part of the government’s plan to deregulate the petroleum sector and ensure that changes in global oil prices are passed directly to consumers.
Malik said international crude and diesel prices have risen sharply due to escalating regional tensions, with diesel prices increasing from around $110 to $140 per barrel in global markets.
Despite the surge, he said the government has continued targeted fuel subsidies and has not imposed any additional burden on the public, adding that around Rs130 billion has been spent to cushion consumers.
He warned that authorities would take strict action against profiteering and fuel hoarding as the new pricing mechanism is introduced.
Meanwhile, Information Minister Atta Tarar told the media briefing that Pakistan avoided fuel shortages despite rising global prices by securing cargoes from multiple countries. He added that oil marketing companies would remain under strict oversight and that hoarding or excessive profiteering would not be tolerated.
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