Govt to Set Fuel Prices Daily Amid Renewed Persian Gulf Tensions: Petroleum Minister

Petroleum Minister Ali Pervaiz Malik has announced that Pakistan will now set fuel prices on a daily basis because of changing international oil prices following renewed fighting between Iran and the United States.

Speaking at a press conference with Information Minister Attaullah Tarar, Malik thanked the public for what he called their patience during the current regional crisis.

He said that despite the efforts of Chief of Defence Forces (CDF) and Chief of Army Staff Field Marshal Asim Munir and Prime Minister Shehbaz Sharif, the conflict between the US and Iran continues to grow.

The minister said the federal cabinet has decided to give the Oil and Gas Regulatory Authority (OGRA) the responsibility to determine fuel prices every day based on international market trends.

He added that OGRA will not only publish the daily fuel prices but will also explain the factors behind the prices shown at petrol pumps to improve transparency.

Malik acknowledged that the new system may increase the burden on people, but said it is necessary and will help the public understand why fuel prices change.

He said the government remains committed to passing on any future reductions in fuel prices to the public.

The minister noted that diesel prices had previously fallen from around Rs520 to about Rs300 per litre, while petrol prices had also dropped by Rs70–80 when global oil prices declined.

He said daily fuel prices will be based on a seven-day average of international oil prices. He added that the government is also working to reduce indirect taxes and improve transparency.

Malik said a committee led by the Petroleum Ministry has already held four meetings and will present a post-war energy pricing and energy security plan within the next 15 to 20 days.

He also said the government is studying ways to strengthen Pakistan’s energy security and reduce dependence on imported fuel.