Govt to hand over fuel pricing power to oil companies

The government is preparing to relinquish its authority to set petroleum prices, passing the responsibility to oil marketing companies.

This move comes under the direction of Prime Minister Shehbaz Sharif, who has instructed the termination of the government's role in price determination.

Following the premier's directive, the Minister of Petroleum has called for an urgent meeting tomorrow to discuss the framework for deregulating petroleum product prices.

The Chairman of the Oil and Gas Regulatory Authority (OGRA) has been tasked with drafting a comprehensive plan of action, outlining the potential impact of this deregulation.

According to informed sources, the government is set to implement this shift in a phased manner.

The final framework for transferring the price-setting power to oil marketing companies will be presented to the Prime Minister for approval.

Despite the government's push, the move has faced opposition from petroleum dealers. They argue that granting oil marketing companies unrestricted power could lead to unfair profiteering, potentially burdening consumers with higher prices.