The federal government increased on Friday the petrol and diesel prices following renewed tensions in the Middle East.
The price of diesel has been increased by Rs31.05 per litre, while petrol has become costlier by Rs5.44 per litre.
After the increase, the new price of diesel has been fixed at Rs345.35 per litre, while petrol will now be sold at Rs316.15 per litre.
Ogra to decide petroleum product prices regularly
Earlier on Friday, Petroleum Minister Ali Pervaiz Malik, while addressing a press conference alongside Information Minister Attaullah Tarar, said the Oil and Gas Regulatory Authority (Ogra) would decide petroleum product prices regularly amid the ongoing Gulf tensions.
Malik said the regional situation appeared to be worsening. He said Ogra would determine petroleum prices on a daily basis, while the government would continue to review the matter.
The petroleum minister said Prime Minister Shehbaz Sharif had used Rs130 billion from federal resources to provide relief to the public. He thanked the people for showing patience during the difficult period.
Malik said energy prices were also increasing in the international market. He said petrol prices had reached close to $100 per barrel globally, while diesel prices had risen to $140 per barrel.
He said oil markets were facing a growing crisis, adding that Pakistan imports 90 per cent of its energy requirements.
The minister said improvements were seen in areas where the government had reduced its role. He added that the targeted subsidy programme was continuing.
Oil price rise affects Pakistan
Information Minister Attaullah Tarar said Pakistan also faced the impact when international oil prices increased.
He said no one would be allowed to earn extra profits or carry out hoarding. He added that additional recoveries were made from those who earned extra profits.
Tarar said the prime minister had made it clear that no one would be allowed to make additional gains. He said oil marketing companies were not earning extra profits despite claims of 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 an oil shortage for a single day. He said arrangements were made to ensure supplies in Pakistan even when oil was unavailable in other parts of the world.
