Speaking at a joint press conference with Information Minister Attaullah Tarar, Malik said the new pricing mechanism had been approved by Prime Minister Shehbaz Sharif and the federal cabinet.
Under the revised system, the Oil and Gas Regulatory Authority (Ogra) will determine fuel prices every day, with updated rates to be published on its official website.
The minister said renewed military tensions in the Middle East had heightened uncertainty in global energy markets, pushing oil prices higher.
Brent crude was trading at $84.75 per barrel, up 0.6%, while US West Texas Intermediate (WTI) crude rose 1.1% to $79.80 per barrel.
Malik said international diesel prices had surged from around $110 per barrel to $140 per barrel following the latest escalation in the region.
He said the government would continue its targeted fuel subsidy programme but acknowledged that consumers were facing the impact of higher international oil prices.
The petroleum minister added that petroleum and carbon support levies on petrol and diesel remained lower than previous levels, while the government was gradually moving towards the deregulation of petroleum products.
Addressing the same press conference, Information Minister Attaullah Tarar said the latest increase in domestic fuel prices was directly linked to regional developments and fluctuations in international oil markets.
He noted that Pakistan met its energy needs through imported oil cargoes from various countries and said the government had successfully prevented any disruption in fuel supplies.
Tarar said oil marketing companies (OMCs) were operating under strict regulatory oversight and warned that authorities would not tolerate hoarding or market manipulation.
He added that many countries pass changes in international petroleum prices directly to consumers, describing the practice as a standard feature of global energy markets.
The decision to conduct daily fuel price reviews follows the government s earlier move to shift from fortnightly to weekly price adjustments after tensions escalated following the US-Israel conflict with Iran on February 28.
In the latest review, the government increased petrol and high-speed diesel (HSD) prices by Rs13.18 and Rs13.80 per litre, respectively, taking the prices to Rs310.71 per litre for petrol and Rs323.30 per litre for diesel.
