ISLAMABAD: In view of the huge drop in crude oil prices in the global market, petrol prices in Pakistan are expected to decrease in the upcoming fortnight review on July 31.
According to the international media, crude oil prices fell nearly 2 percent to a six-week low on rising expectations of a cease-fire in Gaza and fears of rising demand in China.
On the other hand, the federal government has prepared to transfer the authority of setting petroleum prices from the state to oil marketing companies.
Insiders revealed that Prime Minister Shehbaz Sharif has directed the cessation of the government’s role in determining petroleum prices, prompting Petroleum Minister Musadik Malik to convene a crucial meeting scheduled for tomorrow.
The government plans to phase in the delegation of pricing authority to oil marketing companies.
The Chairman of the Oil and Gas Regulatory Authority (OGRA) has been assigned the task of evaluating the impacts of deregulating petroleum prices and developing a strategic framework. The final deregulation framework will be submitted to the prime minister for approval.
Sources suggest that petroleum dealers have expressed opposition to granting pricing authority to oil marketing companies, citing concerns about potential profiteering.
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