Govt decides to fix fuel prices daily due to renewed hostilities in Persian Gulf: petroleum minister

Petroleum Minister Ali Pervaiz Malik on Thursday said that fuel prices would be fixed daily due to fluctuations in international market prices following renewed hostilities between Iran and the US.

Before announcing the latest cabinet decision on fuel prices, Malik thanked the nation on behalf of the government, who he said have “patiently tried to bear the burden of this war”.

He noted 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 US-Iran war seemed to be escalating in the region.

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

He added that Ogra would “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”.

More to follow ...