Not OGRA But Oil Companies to Set Petroleum Products Prices in Future

The Oil and Gas Regulatory Authority (OGRA) has conducted a meeting with Oil Marketing Companies (OMC) to discuss the planned deregulation of petroleum products.

OMCs apprised the regulatory authority of their opinion and presented their suggestion regarding deregulation.

The meeting, presided by Chairman OGRA Masroor Khan, was attended by member gas, member oil, member finance, senior executives of OGRA and Ministry of Energy (Petroleum Division), Chief Executive Officers of OMCs, and members of the Oil Companies Advisory Council (OCAC).

In the second phase, OGRA will hold a meeting with refineries and other stakeholders to get their opinion regarding the possible roadmap to developing the final Terms of References (ToRs) for deregulation.

It should be noted that the government is likely to deregulate the prices of petroleum products from 1st November 2022. After the decision, OMCs would decide the prices of petroleum products.

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