ISLAMABAD: The Government of Pakistan has decided to introduce daily petroleum price adjustments through the Oil and Gas Regulatory Authority (OGRA), Federal Petroleum Minister Ali Pervaiz Malik announced during a joint press conference with Information Minister Atta Tarar.
The minister said the decision was approved by the prime minister and the federal cabinet as part of a broader move toward the deregulation of petroleum products. Under the new system, OGRA will determine fuel prices on a daily basis in line with international market trends and publish updated rates on its website.
Rising Global Oil Prices
Ali Pervaiz Malik said that renewed regional tensions have pushed global crude oil and diesel prices higher, resulting in increasing energy costs worldwide.
“Diesel prices in the international market have risen sharply from around $110 per barrel to nearly $140 per barrel,” he said.
He warned that petroleum product prices could face significant upward pressure if regional instability continues.
Government Subsidy Measures
The petroleum minister thanked the public for showing patience amid rising fuel costs and said the government is continuing its targeted subsidy program to protect consumers.
“No additional burden has been imposed on the public. The subsidy program on petroleum prices is still in effect,” he added.
According to the minister, the federal government has utilized approximately Rs130 billion to support consumers during the recent surge in global energy prices.
Daily Pricing System
Under the new mechanism, OGRA will review international oil market developments every day and adjust local petrol and diesel prices accordingly. The revised prices will be displayed on the regulator’s official website.
The minister also noted that the current level of petroleum levy and carbon support levy on petrol and diesel remains lower than previous levels.
Action Against Hoarding and Profiteering
Ali Pervaiz Malik said strict action would be taken against illegal profiteering, hoarding, and market manipulation in the oil sector.
He added that the government is working to improve the country’s fuel supply system and ensure petroleum products are available to consumers at competitive prices.
Information Minister’s Remarks
Information Minister Atta Tarar said the increase in global oil prices is directly linked to rising tensions in the region.
“Pakistan arranged cargo shipments from different countries to meet energy requirements, and due to better government policies the country did not face an energy shortage,” he said.
He emphasized that oil marketing companies would not be given a free hand and that strict monitoring is currently in place to prevent hoarding and excessive profits.
“No one will be allowed to engage in hoarding or earn unjustified additional profits,” Tarar stated.
Tarar further said that Pakistan continues diplomatic efforts to reduce regional tensions and that the country’s role in promoting stability has been recognized internationally.