The Oil and Gas Regulatory Authority (Ogra) updates petroleum products prices on a daily basis on its website to ensure transparency and allow the immediate impact of international price fluctuations to be passed on to consumers.
The daily pricing is based on a seven-day weekly average of international market prices to align with international standards, according to Petroleum Minister Ali Pervaiz Malik.
Amid volatility in global oil rates on the back of renewed hostilities in the Middle East, the government decided to switch to a daily fuel price review mechanism.
The government had introduced a weekly fuel price review system after the conflict in the Middle East began on February 28, when Israel and the United States attacked Iran, leading Tehran to shut the Strait of Hormuz — the main route before the war for around a fifth of global energy supplies.
Tensions have mounted since a fragile June truce between Tehran and Washington collapsed, reviving fears of full-scale war and disrupting energy flows through the Strait.
Previously, the petroleum rates were revised fortnightly.
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