A new summary on petrol and diesel prices has been sent to Prime Minister Shehbaz Sharif, proposing changes to the current pricing mechanism amid easing tensions in the Middle East.

Pakistan Petroleum Dealers Association Chairman Malik Khuda Bakhsh made the announcement during an emergency press conference in Karachi.

He said the summary proposes that petroleum prices should again be reviewed every seven or 15 days, as was done previously, following a reduction in the intensity of the Middle East conflict.

The development comes as the government has approved an increase in dealers’ margins on petrol and diesel. The decision was taken during a meeting of the Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb.

According to sources, the increase in dealers’ margins will add Rs2.68 per litre to the cost of petrol and diesel.

The dealers’ margin on petrol will rise by Rs1.34 per litre, while the margin on diesel will also increase by Rs1.34 per litre.

Following the approved increase, the dealers’ margin will reach Rs19.96 per litre for petrol and diesel combined, with the margin for each product set at Rs9.98 per litre.

Previously, dealers were receiving a margin of Rs8.64 per litre separately on petrol and diesel.

The latest proposal could bring another change to the way petroleum prices are determined in Pakistan. Consumers are now waiting for the government’s decision on the new pricing mechanism and its possible impact on petrol and diesel prices.

Any major movement in global crude prices and developments in the Middle East could also influence the final rates in Pakistan.