Due to the fall in oil prices in the international market, the prices of petroleum products are also expected to decrease in Pakistan, with the price of petrol to be reduced by Rs 15.
According to sources, there is a strong possibility that the government will significantly reduce the prices of petroleum products locally for the next fifteen days. He said that petrol prices may fall between Rs.13 and Rs. 15 per liter, while diesel prices can be seen by up to Rs.
OGRA will prepare a summary about adjustment in petroleum product prices and send it to the Prime Minister. In the case of approval, the Finance Ministry will issue a notification.
According to the Oil Marketing Association of Pakistan (OMAP), petrol prices may fall by Rs. 12 per liter, while high-speed diesel (HSD) prices may be cut by Rs 8 per liter. The decline is attributed to international market trends and inventory adjustments.
In a letter addressed to the Chairman of the Oil and Gas Regulatory Authority (OGRA), OMAP chairman Tariq Wazir Ali strongly opposed the new ‘Tech and Pay’ Claus, stating that it incorrectly molds refineries to the market by rating the market at the forefront.
Under the proposed mechanism, the OMC will be bound to lift the allocated quota of petroleum products from local refineries or to face financial penalty. OGRA presented a clause after complaints from the refineries that excessive fuel imports were affecting domestic production, which reduced the purification capacity.
