The government plans to transfer the authority to set petroleum prices to oil marketing companies, as directed by Prime Minister Shehbaz Sharif. This marks a significant shift from the current system where the government determines these prices.
In response to the Prime Minister’s directive, the Minister of Petroleum has scheduled an urgent meeting to discuss the framework for deregulating petroleum product prices. The Chairman of the Oil and Gas Regulatory Authority (OGRA) has been tasked with drafting a detailed plan, assessing the potential effects of this deregulation.
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Sources indicate that the government intends to implement this change gradually. The final framework for handing over the pricing authority to oil marketing companies will be presented to the Prime Minister for approval.
However, this move has met opposition from petroleum dealers, who express concerns that giving oil marketing companies unchecked control could result in unfair profiteering and potentially higher prices for consumers.
