The petroleum industry and stakeholders have welcomed the new petrol pricing system, while the federal minister said that the government is taking steps for the sustainable stability of the petroleum industry in the interest of the public.
According to Express News, the Federal Minister for Petroleum held a daily consultative meeting with industry stakeholders on the petroleum pricing system, in which the participants welcomed the new system.
The meeting was attended by senior officials of the Oil and Gas Regulatory Authority (OGRA), Oil Companies Advisory Council, Oil Marketing Association of Pakistan, refineries, oil marketing companies and the Petroleum Division.
Federal Minister for Petroleum Ali Pervez Malik said that under the new system, the prices of petroleum products will be determined by keeping in mind the real market situation through a transparent formula, reducing the scope for illegal profiteering, exploitation and obtaining extraordinary financial benefits from this system.
He said that under the new system, the public will be protected from price fluctuations caused by political expediencies. These reforms are an important part of the government’s phased deregulation strategy, which is being introduced on the instructions of the Prime Minister to gradually reduce government intervention. SOPs for the implementation of the daily pricing system are being prepared in consultation with the industry and OGRA.
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In the meeting, OGRA, OCAC, OMAP, refineries and oil marketing companies presented suggestions and opinions on the new system.
OGRA informed the meeting that the organization is fully prepared for the implementation of the new daily pricing system and is upgrading its system for timely publication of petroleum prices.
The meeting reviewed the practical issues related to the implementation of the new system, including supply chain, storage management and availability of real-time data.
The Petroleum Minister said that a special committee has been formed for the implementation of the daily pricing system, and all practical issues will be resolved by consensus. He also directed the Petroleum Division and OGRA to hold more consultative meetings with the industry and finalize the technical issues.
The Federal Minister said that the government is committed to the public interest as well as the sustainable stability of the petroleum industry.