ISLAMABAD: The government has decided to hold further consultations on the weekly changes in the prices of petroleum products and on August 15th, along with the possible reduction in the prices of petroleum products, approval of the new pricing mechanism is also expected.
On the other hand, serious consideration has been started to deregulate all petroleum products like high octane.
Prime Minister Shehbaz Sharif had asked for a report from the Ministry of Petroleum and Ministry of Finance in consultation with Shahid Khaqan Abbasi, however, it has been decided to continue the consultation process on this issue.
Discussions will be held with all stakeholders, including petroleum companies, on August 15, the announcement of a reduction in the prices of petroleum products is expected, along with the approval of a new pricing formula.
The reason for fixing the prices on a weekly basis is to limit the loss or profit of the oil importing and selling companies due to price fluctuations. Also, the public can quickly benefit from price fluctuations in the international market. will be able
The government is also mulling to completely deregulate the prices of petroleum products in the next phase, so that government intervention in price determination is removed and oil companies set prices at the market rate.
Government company PSO will prevent the establishment of any mafia in petroleum companies, if private companies try to cartel, PSO will break it, deregulation will bring real prices of petroleum products to the people.
The proposal will continue to be deliberated on during the Ashura holiday, after which a final decision will be taken. The government has already deregulated high-octane, which initially increased the prices of high-octane but then came down. had gone