A proposal to deregulate the prices of petroleum products in Pakistan has been prepared by the Ministry of Energy. If the proposal got approved as per the recommendations of OGRA, the petroleum firms would be in power to fix the prices of petrol and diesel.
Fluctuations in the pattern of price of petroleum products are expected to be change. As per proposed recommendation of the Petroleum Division of the Ministry of Energy to handover the decision of oil prices to petroleum firms from November 1.
As per the prepared proposal, petroleum firms would be responsible to fix oil prices on the bases of supply and demand.
OGRA would examine the possible effects of deregulating prices and submit a report, for such purpose, the pertinent stakeholders would be consulted.
All the points including freight charges dealers’ margin, sales tax revenue would be reviewed, as per documents.
Proposed recommendation by IGRA would be submitted to the Economic Coordination Committee by September 15, after which federal cabinet approval could be obtained.
Further, as per the document, oil marketing companies margin is proposed to raise by 63%, while the margin on petrol and diesel would raise from Rs 3.63 paise to Rs. 6 per litre.
