LAHORE: The Oil Marketing Association has rejected the caretaker government’s move to review the fuel prices on a weekly basis, News reported on Monday.
The chairman of the Oil Marketing Association, in a letter penned to the Ministry of Petroleum and the chairman of Oil and Gas Regulatory Authority (OGRA), has rejected the weekly fuel price review.
The OMA stated that weekly fuel price reviews will cost them and add to their misery. The move will create problems for consumers, transport, and other sectors, the letter stated.
Earlier, the All Pakistan Petroleum Dealers Association rejected the plan and said that the prices of petroleum products cannot be determined every week.
On November 24, the Government of Pakistan decided to revise the prices of petroleum products weekly and sought recommendations from stakeholders and the Petroleum Dealers Association regarding its decision to switch the revising of petroleum products pricing from fortnightly to weekly.
In a letter, the government asked the stakeholders to submit “meaningful views/comments, including pros and cons, of switching from fortnightly to weekly pricing, if any, within five working days”.
It is pertinent to mention here that the PTI-led government in 2020 established a fortnightly pricing mechanism for petroleum products and shifted from the price benchmark based on Pakistan State Oil (PSO) oil imports to Platts indexes.
The Oil marketing association has rejected the caretaker government’s proposal to review fuel prices on a weekly basis. The association stated that this would be costly and create problems for consumers, transport, and other sectors. The All Pakistan Petroleum Dealers Association also rejected the plan. The government had previously decided to switch from fortnightly to weekly pricing for petroleum products.
Source: https://arynews.tv/oil-marketing-association-rejects-weekly-review-of-fuel-prices/
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