ISLAMABAD: The prices of petroleum products are likely to reduce by up to Rs5.30 per litre in line with the decrease in international oil prices, ARY News reported Friday quoting sources.
A well-placed source informed ARY News that the Oil and Gas Regulatory Authority (OGRA) is working on a proposal to decrease fuel prices.
According to a summary forwarded to the finance ministry by OGRA, Rs5.30 per litre decrease has been recommended in the price of high-speed diesel, while the price of petrol is likely to go down by Rs0.50 per litre.
Following the Prime Minister’s approval, the Ministry of Finance will issue a formal notification announcing the revised prices. If approved, the new prices will come into effect from March 1.
Read More: Govt ‘plans’ deregulation of petroleum product prices
Meanwhile, the federal government has planned to deregulate petroleum product prices, a move that has been met with resistance from the Pakistan Petroleum Dealers Association.
In a letter to Minister for Petroleum Musadik Malik, the association expressed concerns that deregulation would lead to an increase in the sale of smuggled Iranian oil and non-standard fuel in the country.
The association argued that deregulation would compromise the investments made by petroleum dealers, who have invested billions in the sector. They emphasized that any decision should be made in consultation with stakeholders, as was previously agreed upon.
Under the proposed plan, oil marketing companies (OMCs) would be allowed to sell fuel at competitive prices, enabling them to increase their market share. A price ceiling would be established to ensure price stability.
Additionally, the government plans to permit oil refineries to blend up to 5% ethanol in petroleum products to reduce fuel costs.
The Pakistan Petroleum Dealers Association has urged the minister to engage in talks with the association to address their concerns.
source https://arynews.tv/petroleum-prices-likely-to-go-down-by-rs5-30/
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