1 month ago
Pakistan to Revise Fuel Prices Daily Amid Oil Market Volatility
Pakistan is changing how it sets the prices for petrol and diesel.
Instead of changing the prices once a week, they will now change them every day.
This is because the price of oil around the world is changing a lot, especially because of conflicts in West Asia.
The government says this will make things more transparent.
However, the people who own petrol pumps are not happy with this change and might protest.
They say the government should talk to them before making big changes like this.
The government is also working with a Turkish company to help get more oil and gas in Pakistan.
Pakistan will revise petrol and diesel prices daily instead of weekly to respond to global oil market volatility.
OGRA will determine and publish daily fuel prices along with the calculations and factors used.
The new mechanism is based on a seven-day weekly average in the international market.
Turkish Petroleum will resume oil and gas extraction in Pakistan in October after a 20-year gap.
The All Pakistan Petrol Pump Owners’ Association opposes the new policy and threatens protests if it is not withdrawn.
- Who
- Pakistan government, Oil and Gas Regulatory Authority (OGRA), All Pakistan Petrol Pump Owners’ Association
- What
- Shift to daily fuel price revisions
- Where
- Pakistan
- When
- Effective immediately
- Why
- To respond quickly to volatile global oil markets due to West Asia conflict
Key facts
- Country
- Pakistan
- Current Pricing Mechanism
- Weekly
- New Pricing Mechanism
- Daily
- Authority
- Oil and Gas Regulatory Authority (OGRA)
- International Market Basis
- Seven-day weekly average
- Turkish Petroleum Involvement
- October 2024
- Petrol Pump Owners' Stance
- Against the new policy
Quotes
Ali Pervaiz Malik
Petroleum Minister of Pakistan
“The step was part of the government’s decision to make the system more transparent, so that people could understand why increasing fuel prices were inevitable.”
firstpost.com
“Prices in the country would be adjusted according to international markets without needing to consult anyone.”
firstpost.com
Sources
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