The government is considering a new daily fuel pricing system due to Hormuz tensions, reducing its role in price determination.
Islamabad: (RightNow). Rising tensions in the Strait of Hormuz have impacted the global oil market. The government is considering shifting from weekly to daily fuel pricing.
The government is contemplating introducing a new system for determining petroleum product prices. Under this system, the government’s role will be significantly reduced.
The Oil and Gas Regulatory Authority will set prices for petrol, high-speed diesel, light diesel, and kerosene daily at midnight. These changes will be effective from 12 AM.
It is noteworthy that a meeting chaired by Petroleum Minister Ali Parvez Malik discussed daily pricing. The committee will present its recommendations to the Prime Minister.
Economic experts suggest that given the situation in the Strait of Hormuz, the government may face challenges in making immediate decisions. This decision will also depend on factors like exchange rates and levies.
