PM Shehbaz Approves Weekly Pricing for Petroleum Products
News Desk
Islamabad: Prime Minister Shahbaz Sharif has approved a proposal to implement weekly adjustments in the prices of petroleum products, a move aimed at better managing fuel stocks and controlling demand.
The decision came after a briefing by Finance Minister Muhammad Aurangzeb on the current stock levels and consumption of petroleum products.
Sources say the federal cabinet will give the final approval to the petroleum pricing summary once it is endorsed by the Economic Coordination Committee (ECC).
The weekly pricing mechanism is expected to allow for more effective use of fuel reserves while reducing the strain on supply and demand.
In addition, the Prime Minister has directed the Finance Minister to present recommendations regarding online work and work-from-home policies on Monday, after consulting with the provinces.
Finance Minister Muhammad Aurangzeb is also scheduled to approve the pricing determination period for petroleum products in today’s ECC meeting, further streamlining the process for fuel price adjustments.
Oil Could Hit $150 Amid Middle East War
Qatar has raised concerns over soaring oil prices as tensions escalate in the Middle East.
Saad Sherid Talkaabi, Qatar’s Energy Minister, warned that ongoing conflict in the region could severely disrupt energy supplies and impact the global economy.
According to reports, the minister said Gulf countries might halt energy production within weeks if the situation worsens. He added that a continued war could stop energy exports from the Gulf entirely.
“Should tensions escalate further, oil prices could surge to $150 per barrel in a matter of weeks,” Talkaabi said, highlighting the potential economic repercussions of the conflict on global markets.
Experts say such a spike in oil prices would significantly affect energy costs worldwide, intensifying inflationary pressures and disrupting supply chains.
