The government is set to relinquish its power to set oil prices and transfer responsibility to oil marketing companies.
The move is under the leadership of Prime Minister Shehbaz Sharif, who has directed an end to the government’s role in price fixing.
Following the Prime Minister’s directive, the Minister of Petroleum has called an urgent meeting tomorrow to discuss the framework for the deregulation of petroleum product prices.
The Chairman of the Oil and Gas Regulatory Authority (OGRA) has been tasked with developing a comprehensive action plan that will outline the potential impact of this deregulation.
According to informed sources, the government is ready to introduce this shift gradually.
The final framework for transferring the power to set the price to the oil companies will be submitted to the Prime Minister for approval.
Despite government pressure, the move was met with opposition from oil traders. They argue that giving companies unlimited power over the oil market could lead to unfair profiteering and potentially burden consumers with higher prices.
