OGRA Tells the Public Not to Get Too Happy Over Petrol Price Speculations

After the recent claim by Interim Commerce Minister Gohar Ejaz regarding a reduction in prices of petroleum products, the Oil and Gas Regulatory Authority (OGRA) on Monday emphasized the importance of avoiding speculations regarding the prices.

The commerce minister while talking to media on Saturday said that the masses can expect some positive news regarding the petrol prices. In a statement, the regulator highlighted that petroleum product prices are primarily dependent on international market prices and the exchange rate of the dollar.

It further said that in recent times, there has been a surge in international petroleum prices, while the dollar-to-rupee exchange rate has shown improvement.

Moreover, the statement said that there is still one week left before the announcement of new prices, and any speculation about the changes in the prices before that could disrupt the smooth functioning of the oil supply chain.

Recently, while talking to the media, Information Minister Murtaza Solangi also hinted at a possible reduction in petroleum prices at the next fortnightly review. The information minister, while pointing out that the prices of petroleum products depend on international oil prices and exchange rate, said that due to the appreciation of the Pakistani rupee against the US dollar, there’s a good chance that there would be a reduction in prices of petroleum products.

It is pertinent to mention here that under the caretaker setup i.e. since August 1, the price of petrol has increased by Rs. 58.43 per liter while the price of high-speed diesel has gone up by Rs. 55.84 per liter.

The latest review of petroleum prices on September 15 saw the price of petrol going up by Rs. 26.02 per liter to Rs. 331.38. Similarly, the price of high-speed diesel was jacked up by Rs. 17.34 per liter to Rs. 329.18.

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