Pakistan, July 17 -- Pakistan has introduced a daily petroleum pricing system as global oil prices rise amid regional tensions. The decision will directly affect fuel consumers and the country's energy sector.

Federal Petroleum Minister Ali Pervaiz Malik announced that OGRA would determine petroleum product prices daily. He said the prime minister and federal cabinet approved the new pricing mechanism.

Ali Pervaiz Malik said diesel prices in the international market increased from $110 to $140 due to rising tensions. He added that energy costs were increasing globally because of market uncertainty.

Read more: Petroleum prices likely to rise in next review

The minister said the government was moving toward petroleum product deregulatio...