Attaullah Tarar says recent increase in global oil prices was driven by international geopolitical tensions
ISLAMABAD: (UrduPoint/Pakistan Point News-July 17th, 2026) Federal Minister for Information and Broadcasting Attaullah Tarar on Friday said the government's decision to introduce daily pricing of petroleum products would enhance transparency and ensure that the impact of fluctuations in international oil prices is passed on to consumers without delay.
Speaking alongside Federal Minister for Petroleum Ali Pervaiz Malik, Attaullah Tarar said the recent increase in global oil prices was driven by international geopolitical tensions. He added that Pakistan has been actively pursuing diplomatic efforts to reduce regional and global tensions, a role that has been acknowledged internationally.
He noted that Pakistan imports a significant portion of its petroleum requirements, making the country's economy directly vulnerable to changes in global oil prices.
Tarar said that during the recent international crisis, Prime Minister Shehbaz Sharif directed authorities to build additional strategic oil reserves. As part of these efforts, cargoes were imported from Saudi Arabia and the United Arab Emirates to ensure the uninterrupted supply of petrol and diesel across the country.
The information minister said the government provided Rs129 billion in subsidies by reducing development expenditures despite rising international oil prices to shield consumers from the full impact of higher fuel costs. He said the prime minister had directed the government to provide maximum possible relief to the public.
He announced that petroleum prices would now be determined on a daily basis, with the Oil and Gas Regulatory Authority (OGRA) set to publish its pricing formula publicly. The new mechanism, he said, would ensure that any increase or decrease in international oil prices is immediately reflected in domestic fuel prices while improving transparency.
Rejecting reports of a significant increase in the petroleum levy, Tarar said the current levy remains lower than the level imposed before the recent conflict and that the government has taken special measures to keep it at a minimum.
He also emphasized the need for Pakistan to gradually transition to electric motorcycles and electric vehicles to reduce dependence on imported fuel, save foreign exchange, and protect consumers from volatility in global oil markets.
Tarar said oil marketing companies are being closely monitored and revealed that, on the instructions of the prime minister, authorities had recovered excess amounts from companies involved in overcharging consumers.
He warned that hoarding, artificial shortages and profiteering would not be tolerated under any circumstances, adding that consumers can register complaints through OGRA's official website or email.
The minister reaffirmed that providing maximum relief to the public remains the government's top priority and said Prime Minister Shehbaz Sharif is personally overseeing the performance of all relevant institutions to ensure stability and transparency in the petroleum pricing system.
