The Oil and Gas Regulatory Authority (Ogra) is considering changes to the current government policy for determining fuel prices in Pakistan, sources informed Presstonight on Friday.
Ogra has outlined two proposals: The first proposal seeks to grant Ogra the authority to set fuel prices independently as a regulator. The second proposal suggests allowing the market to set fuel prices, which would then be monitored by the regulatory body.
Currently, petroleum prices in Pakistan are revised on a fortnightly basis. Ogra calculates the rates by evaluating various factors and forwards the summary to the Finance Division. The Finance Division then consults with the prime minister before announcing the official fuel prices.
The prices of petroleum products are crucial as any changes can significantly impact inflation, affecting the cost of living for the general population.
