Pakistan to revise oil prices daily amid renewed West Asia tensions
Pakistan has announced a shift to daily petroleum price adjustments, moving from weekly revisions that were adopted after the US-Iran war began in late February. Petroleum Minister Ali Pervaiz Malik stated that the Oil and Gas Regulatory Authority (OGRA) will now set fuel prices daily based on a seven-day international market average, aiming to increase transparency and pass on global price fluctuations more quickly. The government also plans further deregulation, allowing prices to align with international markets without additional approvals. Information Minister Attaullah Tarar linked rising oil prices to the worsening West Asia situation. However, the All Pakistan Petrol Pump Owners’ Association rejected the policy, warning of protests and strikes if it is not withdrawn, citing concerns over its impact on petrol pump owners, oil tankers, and the pricing system. Additionally, following Prime Minister Shehbaz Sharif's visit to Turkiye, Turkish Petroleum will begin oil and gas extraction in Pakistan in October after a 20-year gap.
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