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Pakistan to set daily fuel prices amid global market volatility
🇵🇰 Pakistan /Economy & Trade

Pakistan to set daily fuel prices amid global market volatility

From Dawn · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • Pakistan's petroleum minister announced daily fuel price adjustments due to international market volatility.
  • The decision follows escalating tensions between Iran and the US, impacting global oil prices.
  • The Oil and Gas Regulatory Authority (Ogra) will determine and publish daily fuel rates and the factors influencing them.

Fuel prices in Pakistan will now be set daily, a decision announced by Petroleum Minister Ali Pervaiz Malik amid fluctuating international market prices. The move comes as renewed hostilities between Iran and the United States escalate regional tensions, impacting global oil markets.

The Cabinet and prime minister have decided … Ogra will be given the responsibility to daily decide the fuel prices based on the international market.

— Ali Pervaiz MalikAnnouncing the government's decision on fuel pricing.

Malik thanked the nation for patiently enduring the economic burden of what he described as a "war." He acknowledged the efforts of Chief of Defence Forces Field Marshal Asim Munir and Prime Minister Shehbaz Sharif, but noted the US-Iran conflict appeared to be worsening.

not just publish the fuel rates on its website that are used to determine prices, but also publish the factors leading to the price that we see in each petrol pump

— Ali Pervaiz MalikExplaining the transparency measures for Ogra's daily fuel price announcements.

The cabinet and prime minister have tasked the Oil and Gas Regulatory Authority (Ogra) with the daily determination of fuel prices. Ogra will not only publish the rates on its website but also explain the factors influencing the prices seen at petrol pumps. This aims to bring transparency to the pricing mechanism.

patiently tried to bear the burden of this war

— Ali Pervaiz MalikThanking the nation for their resilience amidst economic challenges.
DistantNews Editorial

Originally published by Dawn in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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