ISLAMABAD According to sources who spoke with Geo News on Friday, the Oil and Gas Regulatory Authority (Ogra) is considering altering the current government procedure for setting fuel rates in the nation.
They further stated that Ogra has outlined two suggestions, the first of which asks for the power to act as a regulator and set fuel prices. The second, however, contends that pricing will be set by the market and that this will be under government oversight.
Every two weeks, the country’s petroleum prices are adjusted. Ogra determines the rates by evaluating a number of variables, sends the summary to the Finance Division, which confers with the prime minister before announcing the official fuel prices.Petroleum product prices are very important since changes in them eventually affect the populace who are weary of inflation.
The government raised the price of gasoline and high-speed diesel earlier this month by Rs.99 and Rs6.18, respectively, per litre.
According to a statement released by the Finance Division, Ogra evaluated the prices based on changes in prices on the global market.
Petrol and diesel are now being sold for Rs. 275.60 and Rs. 283.63 per litre, respectively, following the price increase.
According to sources, there is also a chance that the fuel dealers may object to the idea of giving the oil marketing corporations (OMCs) the power to set fuel prices.
