Speaking at a press conference in Islamabad, he said the recent increase in petroleum prices was taken out of necessity, adding that action would be taken against those who stopped selling petrol in order to profiteer.

Malik said that Pakistan had increased its fuel reserves in anticipation of the situation.

After the closure of the Strait of Hormuz, oil is now being transported from alternative ports in Saudi Arabia.

The minister added that two vessels of the Pakistan National Shipping Corporation are currently bringing oil to Pakistan via alternative Saudi routes.

He said Saudi Aramco had assured that it would supply oil even if Pakistan sends a larger tanker.

He said that due to rapidly changing international oil prices, the government has decided to review petroleum prices on a weekly basis instead of the earlier fortnightly mechanism to maintain stability in the supply system.