Petroleum Minister Ali Pervaiz Malik said on Friday that the Oil and Gas Regulatory Authority (Ogra) would decide petroleum product prices regularly amid the ongoing Gulf tensions.
Addressing a press conference alongside Information Minister Attaullah Tarar, Malik said that the situation in the region appeared to be worsening. He said Ogra would determine petroleum prices on a daily basis, while the government would continue to review the matter regularly.
Malik said Prime Minister Shehbaz Sharif used Rs130 billion from federal resources to provide relief to the public. He thanked the people for bearing difficulties during the challenging period.
The petroleum minister said energy prices were also rising in the international market. He said petrol prices in the global market had reached close to $100 per barrel, while diesel prices had risen to $140 per barrel.
He said the oil markets appeared to be facing a growing crisis. Malik said that Pakistan imports 90 per cent of its energy requirements.
He said improvements were seen in sectors where the government had reduced its role. The petroleum minister said the targeted subsidy programme was still continuing.
Oil price rise burden also falls on Pakistan
Federal Information Minister Attaullah Tarar said that when oil prices rise in the international market, Pakistan also faces the impact of the increase.
He said no one would be allowed to earn extra profits or carry out hoarding. He added that additional recoveries were made yesterday, and the amount was taken back from those who earned extra profits.
Tarar said the prime minister had made it clear that no one would be allowed to make additional profits. He said oil marketing companies were not earning extra profits, despite claims that they had made large gains.
The information minister said Pakistan would have to move towards electric bikes and electric vehicles. He added that there had been no increase in the petroleum levy.
He said subsidies were provided for goods transport, public transport, motorcyclists and the agriculture sector. He added that the government was aware of the impact of rising oil prices.
Tarar said Pakistan had not faced a single day of oil shortage. He said that even when oil was unavailable around the world, arrangements were made to ensure supplies in Pakistan.
