ISLAMABAD – Pakistani government mulls deregulating petrol prices, transferring authority for setting petroleum prices, which is being done on a fortnightly basis.
This decision will end the federal government’s role in determining prices, with the Petroleum Minister scheduling crucial meeting to oversee the transition.
Amid the unpopular move, experts commend the government’s move, calling it progressive as it will create more competition among oil marketing companies. The deregulation of prices will create competitive behavior among leading players, and will bring relief for people in the long run.
Petrol Prices Deregulation
The change will be implemented gradually, with Oil and Gas Regulatory Authority (OGRA) tasked with evaluating the effects and developing a strategic framework. This framework will be presented to the prime minister for final approval.
On the other hand, Petroleum dealers expressed concerns that this shift might lead to increased profiteering by oil marketing companies.
Also, Oil Marketing Association of Pakistan (OMAP) and oil refineries urged the government to address foreign exchange losses affecting the industry, emphasizing the need for immediate recovery to ensure the industry’s stability and economic contribution.
Petrol price up by Rs9.99, diesel increases by Rs6.18; Check new July Rates
