{"id":2257,"date":"2026-07-17T17:59:01","date_gmt":"2026-07-17T17:59:01","guid":{"rendered":"https:\/\/diplomag.com.pk\/?p=2257"},"modified":"2026-07-17T17:59:01","modified_gmt":"2026-07-17T17:59:01","slug":"govt-to-revise-fuel-prices-daily-amid-renewed-gulf-tensions","status":"publish","type":"post","link":"https:\/\/diplomag.com.pk\/index.php\/2026\/07\/17\/govt-to-revise-fuel-prices-daily-amid-renewed-gulf-tensions\/","title":{"rendered":"Govt to revise fuel prices daily amid renewed Gulf tensions"},"content":{"rendered":"

ISLAMABAD<\/strong>: Petroleum Minister Ali Pervaiz Malik on Friday said that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US.<\/p>\n

The government had been announcing\u00a0weekly revisions\u00a0to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also\u00a0announced\u00a0targeted relief measures to provide subsidised fuel.<\/p>\n

Addressing a press conference alongside Information Minister Attaullah Tarar, Malik thanked the nation on behalf of the government, saying that people had \u201cpatiently tried to bear the burden of this war\u201d.<\/p>\n

He noted that despite the efforts of Chief of Defence Forces (CDF) and Chief of the Army Staff Field Marshal Asim Munir and Prime Minister Shehbaz Sharif, the US-Iran war appeared to be escalating in the region.<\/p>\n

The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends.<\/p>\n

He added that Ogra would \u201cnot 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 at each petrol pump\u201d.<\/p>\n

Malik stated that although the decision would surely add to the burden on citizens, they would understand why it was necessary for the state. He said the decision was part of the government\u2019s efforts to make the system more transparent, so that people could understand why increases in fuel prices were inevitable.<\/p>\n

He also noted that there had been \u201ca lot of discussion\u201d on the imposition of petroleum and climate levies by the government, and the prime minister\u2019s promise that any price reductions would\u00a0directly benefit\u00a0the nation.<\/p>\n

\u201cThe government is still determined to deliver on its promise,\u201d he said.<\/p>\n

He said that the price of diesel had dropped from Rs520 to around Rs300, and similarly, a significant reduction of Rs70-80 in petrol prices was seen when it happened in international markets.<\/p>\n

The minister also noted that the petroleum levy and carbon support levy on petrol and diesel remained low.<\/p>\n

The minister said that the government was working towards greater transparency and reducing the burden of indirect taxation.<\/p>\n

According to him, the daily price announcements would be decided based on a seven-day weekly average of international market prices. He added that, as another step towards deregulation, it would be ensured that prices in the country were adjusted according to international market trends without requiring approval from him, the information minister \u201cor anyone else\u201d.<\/p>\n

Malik highlighted that, as part of efforts towards deregulation, Prime Minister Shehbaz had constituted a committee under the petroleum minister\u2019s leadership, which had already held four meetings.<\/p>\n

\u201cIn the next 15-20 days, we will decide on the post-war energy pricing and energy security architecture, based on which future generations will assess this government,\u201d he said.<\/p>\n

Malik also raised the question of why Pakistan continued to meet its energy requirements through imports, stating that a study had been undertaken to make informed decisions, with the help of internationally renowned consultants, on whether the government had the resources to maintain strategic petroleum reserves.<\/p>\n

Other questions, he noted, included how much money the government could commit to this initiative over the next few years, and how it could encourage large-scale traders in international markets and companies in \u201cbrotherly and neighbouring\u201d countries to keep their reserves in Pakistan and supply other markets from here.<\/p>\n

The summary would be presented to the cabinet next week, he said.<\/p>\n

Malik also highlighted steps taken by the government to increase energy extraction. He noted that after the prime minister\u2019s recent visit to Turkiye,\u00a0Turkish Petroleum\u00a0would be arriving to extract oil and gas in the country in October after 20 years.<\/p>\n

\u201cWe will move towards betterment so that people will remember this government in good words,\u201d the minister said. \u201cIf there are any burdens \u2026 we will get through these times using schemes like austerity measures.\u201d<\/p>\n

Information Minister Attaullah Tarar also addressed the press conference, saying that the pricing formula for daily petrol rates would be formally published by Ogra.<\/p>\n

\u201cWe appreciate that it is not easy,\u201d he said. \u201cIncreases in fuel prices affect people. The government understands this.\u201d<\/p>\n

The minister stated that the increase in oil prices in international markets was linked to the worsening regional situation and that Pakistan\u2019s efforts to resolve the situation had been \u201cappreciated by the entire world\u201d.<\/p>\n

During oil shortages at the peak of tensions, he noted that \u201cmany developed countries in the world saw people lining up for fuel and they couldn\u2019t get it\u201d. At the same time, he said, the prime minister had arranged additional oil reserves beforehand.<\/p>\n

\u201cMany countries opted for rationing, but in Pakistan, there was no rationing or shortage,\u201d Tarar said. \u201cWhenever the petroleum division gave a briefing, it would announce that we had reserves for one and a half to two months.\u201d<\/p>\n

He further said that when prices were soaring around the world, the federal government reduced its development budget to provide Rs129 billion worth of\u00a0subsidies, thus countering the price hikes. This, he said, was \u201ca conscious decision\u201d by the prime minister to ensure that the burden was not transferred to the people.<\/p>\n

He also addressed the \u201cmisconception\u201d that levies had been hugely increased, saying, \u201cThe fact is that the levy is currently lower than pre-war levels, if not equal \u2026 There was a special effort to reduce it.\u201d<\/p>\n

Tarar also commented that \u201cwe, as an economy and as a country, have to move towards electric bikes and electric vehicles. It is inevitable.\u201d He termed this the best solution for reducing the country\u2019s import bill and mitigating the impact of rising prices.<\/p>\n

Additionally, he challenged the misconception that oil marketing companies had made \u201chuge profits\u201d, pointing out that PM Shehbaz had directed investigative departments \u2014 including the Federal Investigation Agency (FIA) \u2014 and regulators that no one would be allowed to earn excess profits. He added that strict action had been taken \u201cjust yesterday\u201d against a company found to be hoarding.<\/p>\n

Tarar highlighted the strict regulations governing oil companies, adding that Ogra, an independent regulator, had an \u201chonest, upright officer\u201d as its chairman, as well as a new IT-based system introduced on the premier\u2019s recommendation.<\/p>\n

\u201cOgra is doing its work to ensure that there is no extra profitmaking, hoarding or artificial inflation,\u201d he said.<\/p>\n

The information minister also encouraged experts and analysts to discuss the pricing formula with the government, noting that \u201coften these debates are very healthy\u201d.<\/p>\n

He prayed for the success of Pakistan\u2019s negotiation efforts and a permanent end to the war, adding that \u201cthere should be no politics over this\u201d.<\/p>\n

\u201cOur priority is to give as much relief to the nation as we can,\u201d he said.<\/p>\n

<\/a>Petrol pump body rejects proposed deregulation<\/h2>\n

The All Pakistan Petrol Pump Owners\u2019 Association rejected the government\u2019s proposed price deregulation policy, warning that it would consider protests and a strike against the decision next week if it was not withdrawn.<\/p>\n

In a video statement, the association\u2019s Vice Chairman Noman Ali Butt said that the government should review its policy and not place the burden of its problems on petrol pump owners.<\/p>\n

\u201cAll stakeholders should be taken into confidence before fixing rates with oil marketing companies,\u201d he said.<\/p>\n

He noted that about 15,000 petrol pump owners across the country were facing serious concerns, and said that the new policy would affect oil tankers, transportation and the pricing system.<\/p>\n

\u201cThe government should consult petrol pump owners instead of making unilateral decisions,\u201d the vice chairman said.<\/p>\n

\u201cIt was needed to manage the extreme volatility in oil prices that we are seeing nowadays,\u201d said the journalist, who covers the economy and business.<\/p>\n

A renewed\u00a0escalation\u00a0in tensions between the United States and Iran, after an interim\u00a0agreement\u00a0in June, has once again largely halted traffic through the Strait of Hormuz, the world\u2019s most important shipping route for oil and gas, pushing up global energy prices.<\/p>\n

Tehran resumed its blockade of the strait and Washington\u00a0again blockaded Iranian ports\u00a0from Wednesday, as last month\u2019s truce descended into daily attacks and counterattacks.<\/p>\n

The diesel price has come down from a\u00a0peak of Rs520.35<\/u>\u00a0recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28.<\/p>\n

The petrol price had\u00a0peaked at Rs458.41<\/u>\u00a0on April 3 after beginning its\u00a0upward trajectory<\/u>\u00a0from Rs266 in the first week of March.<\/p>\n

Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes.<\/p>\n

Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators.<\/p>\n","protected":false},"excerpt":{"rendered":"

ISLAMABAD: Petroleum Minister Ali Pervaiz Malik on Friday said that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing\u00a0weekly revisions\u00a0to fuel prices since early March, alongside measures for the conservation of fuel amid possible […]<\/p>\n","protected":false},"author":3,"featured_media":2249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[],"class_list":["post-2257","post","type-post","status-publish","format-standard","has-post-thumbnail","category-pakistan"],"yoast_head":"\nGovt to revise fuel prices daily amid renewed Gulf tensions - Diplomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/diplomag.com.pk\/index.php\/2026\/07\/17\/govt-to-revise-fuel-prices-daily-amid-renewed-gulf-tensions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt to revise fuel prices daily amid renewed Gulf tensions - Diplomag\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD: Petroleum Minister Ali Pervaiz Malik on Friday said that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. 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