Federal Minister for Petroleum Ali Pervaiz Malik said that the Prime Minister and the cabinet have decided that OGRA will determine prices on a daily basis.
Federal Minister for Petroleum Ali Pervaiz Malik, while holding a press conference along with Information Minister Atta Tarar, said that due to tensions in the region, crude oil prices have once again increased in the global market, due to which energy prices have started increasing again everywhere.
Ali Pervaiz Malik said that war is once again seen in the region, the price of diesel has increased immensely in the past few days, the price of diesel in the global market has increased from 110 to 140 dollars.
Ali Pervaiz said that the government is moving towards deregulation of petroleum products, the cabinet decided that OGRA should decide on petroleum products on a daily basis, OGRA will determine prices on a daily basis by keeping in mind the global market, the levy on petrol and diesel and the level of carbon support levy are lower than before.
He said that the government has also taken steps to increase oil and gas discovery locally, Turkish Petroleum is bringing its ship in October to explore for oil and gas in the sea after 20 years.
Ali Pervaiz Malik said that the Prime Minister and the federal government tried to support the people by using resources of 130 billion rupees, the Prime Minister and the cabinet decided that OGRA will determine prices on a daily basis, OGRA will determine the daily prices and post them on the website. Action will be taken against illegal profiteering and hoarding in the oil sector.
Federal Minister for Information Atta Tarar, while holding a press conference, said that the increase in oil prices in the global market is related to the increase in tension in the region, energy needs were met by ordering cargo from different countries, and due to the government’s better policy, there was no energy shortage.
Federal Minister for Information Atta Tarar said that there is no free hand for oil marketing companies, the strictness on oil marketing companies has never been as strict as it is now, no one will be allowed to hoard.
Information Minister Atta Tarar said that Pakistan is continuing its efforts to reduce tension, the whole world recognizes Pakistan’s efforts to reduce tension in the region, when tension was at its peak, there was a shortage of oil all over the world, at that time, timely measures were taken and additional reserves were arranged in Pakistan.
He said that in many countries of the world, the system is prevalent that the prices of petroleum products should be transferred immediately, he also clarified that no one will be allowed to make excess profits and hoard.