Islamabad: (RightNow) Tensions at the Hormuz Strait have shaken the global oil market. As a result, there is a possibility of an increase in fuel prices in Pakistan. The government is considering a new pricing mechanism.

Rising tensions between the US and Iran have created uncertainty in the global market. Concerns over a potential closure of the Hormuz Strait are driving up crude oil prices, which could impact Pakistan.

In recent days, US crude oil prices have reached $82, and British Brent has hit $84 per barrel. This price increase could severely affect oil-importing countries like Pakistan.

The government has formed a committee to set petroleum product prices on a daily basis. A meeting chaired by the Petroleum Minister discussed this, and recommendations will be presented to the Prime Minister.

It should be noted that immediate decisions are not expected given the situation at the Hormuz Strait. Experts suggest the government will implement average pricing, considering various factors.