Pakistan Govt to Deregulate Petrol Prices, Hands Over Control to Market Forces,
In a significant move, the Pakistani government has decided to relinquish control over petroleum product prices, allowing market forces to dictate the rates. Prime Minister Shehbaz Sharif has directed the removal of government authority in setting prices, paving the way for a deregulated market.
Key Developments:
Prime Minister Shehbaz Sharif has instructed the Chairman of the Oil and Gas Regulatory Authority (OGRA) to assess the impact of price deregulation and develop a framework for implementation.
– The Petroleum Minister has called a crucial meeting on Thursday to discuss the matter and finalize the plan.
The government plans to grant oil marketing companies the authority to set prices in a phased manner.
The framework for implementation will be presented to the Prime Minister for final approval.
Following the Prime Minister’s directive, the Petroleum Minister has called a crucial meeting on Thursday to discuss the matter.
The Prime Minister has instructed the Chairman of the Oil and Gas Regulatory Authority (OGRA) to assess the impact of price deregulation and develop a framework for implementation. This framework will be presented to the Prime Minister for final approval.
Implications:
– The deregulation of petrol prices is expected to bring transparency and competition to the market.
– Oil marketing companies will have the freedom to set prices based on market forces, reducing the government’s role in price fixation.
– The move is likely to benefit consumers in the long run, as competition among oil marketing companies may lead to lower prices.
Petrol Price Jumps to Rs 275.60, Diesel to Rs 283.63 After OGRA Hike
Next Steps:
– The OGRA Chairman will assess the impact of price deregulation and develop a framework for implementation.
– The Petroleum Minister will discuss the plan with stakeholders and finalize the implementation strategy.
– The government will grant oil marketing companies the authority to set prices in a phased manner, following the approval of the framework by the Prime Minister.
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