Federal Minister for Petroleum Ali Pervaiz Malik has said that fixing the prices of petroleum products on a daily basis will bring transparency and competition in the system while ending illegal profiteering and hoarding.
Federal Minister for Petroleum Ali Pervaiz Malik, while speaking at the program center stage, said that the main objective of the government’s initiative to fix the prices of petroleum products on a daily basis is to bring transparency in the entire system.
He said that the prices of petroleum products will be fixed daily in the future. The Federal Minister clarified that it used to be that the price changes would accumulate after a week, due to which the supply of petrol to the public was stopped and there was illegal profiteering.
He said that the government system of pricing petroleum products will immediately pass on the price decrease or increase to the public. He said that during various meetings, everyone welcomed this system.
Ali Pervez Malik said that in every sector in which the government limited its expansion, it brought competition. We have met with major players in the petroleum industry, and they all agree with the government policy.
He said that in this government system, they are the only ones who benefit, the matter is being managed on a permanent basis and I myself will hold a consultative meeting with the petroleum industry people, whatever reservations they have will be addressed.
Ali Pervaiz Malik said that once the meeting is held, the reservations of the petrol pump owners will no longer exist, if we bring competition in any sector, then the cost will be reduced.
The Federal Minister said that OGRA is the regulator and now it will fix the prices, bringing transparency and competition will only benefit the people and not cause any loss.
Answering a question, he said that we have planned regarding oil reserves, a high-level committee has been formed by the Prime Minister, which has held 4 meetings, and it is to be taken towards deregularization in 15 to 20 days.
He said that the Prime Minister has created an institution, the purpose of which is to look at the supply chain, this will show whether there is any hoarding, we want to bring transparency in this entire system, we will bring a complete package to the public within a month.
The Federal Minister claimed that OGRA will settle things without political interference. The Federal Minister for Petroleum also said that the Turkish Minister is coming to Pakistan in September-October, we are going to mobilize local companies in the search for oil so that we do not depend on the Strait of Hormuz or anyone else, work is being done to find sources locally, we have enough commercial reserves.
While answering a question, he also said that the burden of indirect taxes is greater on the poor and indirect taxes should be reduced.