Advertisement
News

Govt to Deregulate Petroleum Prices, Granting Oil Companies Pricing Power

Advertisement

The Pakistani government has decided to relinquish control over petroleum product prices, with Prime Minister Shehbaz Sharif ordering the removal of governmental authority in setting these prices.

In response to the Prime Minister’s directive, the Petroleum Minister has scheduled a critical meeting for Thursday to discuss the implications and next steps.

Prime Minister Sharif has tasked the Chairman of the Oil and Gas Regulatory Authority (OGRA) with evaluating the impact of price deregulation and creating an implementation framework. This framework will be presented to the Prime Minister for final approval.

The government plans to grant oil marketing companies the authority to set prices in a phased approach.

Prime Minister Sharif highlighted the criticism the government faces when prices rise, noting the lack of public appreciation when prices fall.

However, petroleum dealers have opposed this move, arguing that it could lead to unfair profiteering by oil marketing companies.

Advertisement
News Desk

Recent Posts

Government Announces Reduction in Petrol Prices

The federal government has slashed petrol and diesel prices by Rs 2 per litre, easing…

1 hour ago

InfraZamin Pakistan and SECP Stress Need for Advancing Green Financing through Capital Markets

InfraZamin Pakistan in collaboration with the Securities and Exchange Commission of Pakistan (SECP), British High…

5 hours ago

ICCD Unveils 2nd Edition of BOE Asia “Techpreneurship: Strategy, Innovation & Leadership”

The Best of Entrepreneurship Series in Asia (BOE Asia) is set to propel the entrepreneurial…

5 hours ago

Pakistan’s Finance minister vows no tax exemptions, eyes swift resolution of US tariff issue

Federal Finance Minister Muhammad Aurangzeb has said that the issue of U.S. tariffs will be…

5 hours ago

Dubai becomes first Certified Autism Destination™ in the Eastern Hemisphere

Designation marks a major step in the city's efforts to ensure accessible tourism experiences for…

5 hours ago

2nd Life Pakistan 2.0 champions waste management for climate innovation

The grand finale of 2nd Life Pakistan 2.0 — a national climate innovation programme. At…

5 hours ago