The government has scrapped the policy of fortnightly announcing oil prices and has barred the Oil and Gas Regulatory Authority (Ogra) from fixing the rates for consumers on first and 15th of each month. From July 1, 2008, any upward or downward revision in the oil prices would be made on as-and-when-needed basis.
Ministry of Petroleum sources told Business Recorder on Tuesday that the decision of scrapping the policy of announcing the oil prices twice a month was taken at a meeting held last week. He said the Ministry has held a series of meetings with the stakeholders operating in the oil sector during the last one and half months to take them into confidence on the future oil pricing policy.
Sources said the Ministry of Petroleum and Natural Resources (MP&NR) was giving final shape to the future oil price fixing policy and it would be presented to Prime Minister Yusuf Raza Gilani, probably before the end of the current week, for approval as a special case. The Prime Minister's approval will set aside the procedure for MP&NR to go to the Cabinet for its approval.