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ISLAMABAD: Officials of the Oil and Gas Regulatory Authority (OGRA) and Petroleum Division (PD) are expected to meet today to resolve the petroleum products crisis.
Along with OGRA, officials of the Oil Marketing Companies (OMCs), and refineries will also attend the meeting. During the meeting, a strategy would also be formed to ensure that such a situation does not happen in the future.
However, six oil marketing companies which had received show-cause notices from OGRA for not maintaining their stocks have submitted their replies to the regulator and from today onwards. In this regard, The OGRA had already issued show-cause notices to six OMCs including Shell, Go, Hescol, Attock Petroleum Limited (APL), TOTAL, and Puma.
Moreover, the federal government has decided in principle to completely deregulate petrol pricing and marketing and do away with uniform pricing mechanism.
The decision comes at a time when oil marketing companies are under criticism for their cartelization-like behaviour in the case of high octane blending component (HOBC), another deregulated product whose price has not seen a reduction in line with a massive decline in international oil prices.
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