Govt shifts to daily fuel price revision mechanism amid surge in global oil rates: Petroleum Minister
The federal government has decided to review fuel prices on a daily basis amid a surge in global oil rates, Petroleum Minister Ali Pervaiz Malik said on Friday. Addressing a press conference alongside Information Minister Attaullah Tarar, Malik said the decision was approved by Prime Minister Shehbaz Sharif and the federal cabinet. Renewed military strikes in the Middle East were also weighing on risk sentiment, keeping oil prices elevated and reigniting concerns about inflation and growth. Oil prices were on the rise, with Brent crude futures LCOc1 up 0.6% at $84.75 a barrel, while US crude CLc1 advanced 1.1% to $79.8 per barrel. He said the Oil and Gas Regulatory Authority (Ogra) would determine fuel prices daily, with updated rates to be published on its website. Expressing concern over renewed tensions in the Middle East, the minister said the conflict heightened uncertainty in global energy markets. He noted that international diesel prices had risen sharply following the lat...