Chairman of Standing Committee for Petroleum Syed Dilawar Abbas on Thursday said the international increase in petroleum products have been passed on in the country under a set formula. Speaking in a PTV programme, he said that Oil Companies Advisory Committee (OCAC) fixes petrol prices fortnightly in the country under a set formula. He said since last May to December, the government bore all the burden of soaring international prices.
To a question he said under de-regulation policy, the government gave the responsibility of fixation of petroleum prices to Oil Companies Advisory Committee (OCAC) while the basic formulae was determined by the government.
This latest increase in petroleum prices is in accordance with the formulae, he added.
He said margin of the oil companies is fixed in the formulae and nothing can be added by the OCAC itself.
He dispelled the perception that the government has no check on OCAC. He said fixation of petroleum prices is monitored by the government.
He said, "Our recommendation is that fixation of oil prices should also be transferred to OGRA which is regulating gas prices."
Participating in the programme Secretary General Oil Companies Advisory Committee Abid Saeed Ibrahim said the increase in petroleum prices is a reflection of the change of international market, which is passed on according to a formulae set by the government.
General Secretary, Society for Protection of Consumers' Rights, Lahore, Rizwan-ur-Rehman Razi also participated in the programme and spoke on the issue.