Petroleum Minister Ali Pervaiz Malik announced on Friday that fuel prices will now be revised daily, citing volatility in international oil markets driven by renewed hostilities between Iran and the US.
The decision was approved by the federal cabinet and assigns the Oil and Gas Regulatory Authority (OGRA) the responsibility of determining fuel rates on a daily basis.
Malik said OGRA would not only publish daily fuel rates on its website but also disclose the underlying factors used to calculate prices at each petrol pump, as part of a broader push for transparency in the pricing mechanism.
Pervaiz Malik acknowledged that the shift to daily pricing would place an additional burden on citizens but said the move was necessary given the current state of the regional conflict.
The federal minister further stated that the government wanted the public to understand why fuel price increases had become unavoidable under prevailing circumstances.
Before detailing the cabinet decision, Malik thanked the nation on behalf of the government for what he described as patience in bearing the economic impact of the war.
He said that despite efforts by Chief of Army Staff Field Marshal Asim Munir, along with Prime Minister Shehbaz Sharif, the conflict between the US and Iran appeared to be intensifying across the region.
