Islamabad: Preparations have been made to end the government’s authority to set petroleum prices in the country and give it to oil marketing companies.
According to the sources, significant progress has been made in deregulating the prices of petroleum products. Prime Minister Shehbaz Sharif directed to end the government’s authority to set prices, after which the Minister of Petroleum has called an important meeting tomorrow.
The government is preparing to give oil marketing companies the power to fix prices in a phased manner. In this regard, Chairman Ogra has been directed to prepare a plan of action and impact of deregulating prices. The final framework for deregulating the prices of petroleum products will be presented to the Prime Minister.
Sources say that the petroleum dealers had opposed giving the power to fix the prices to the oil marketing companies and had taken the stand that there was a fear of unfair profiteering by the oil marketing companies if they were given an open power.
