ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has initiated consultative meetings with Oil Marketing Companies (OMCs) on the deregulation of petroleum products proposal drafted by the Petroleum Division.

Ogra Chairman Masroor Khan conducted the first meeting with the OMCs on the deregulation of petroleum products.

Member Gas, Member Oil, Member Finance along other senior executives of the Ogra and the Ministry of Energy (Petroleum Division) with CEOs of the OMCs, Members of the OCAC and other industry players attended the meeting.

POL products’ prices increased

The OMCs presented their point of view and the suggestions were discussed in detail. In the second phase, the meeting shall be held with refineries and other stakeholders to obtain their point of view to develop the possible roadmap on the way forward with the objective to develop final TORs for deregulation.

The federal government decided to deregulate pricing of light diesel oil (LDO) and kerosene oil (KERO) in consultation with relevant stakeholders and in this respect, the Economic Coordination Committee (ECC) of the Cabinet, in its special meeting held on July 31, 2022, with the finance minister, in the chair, directed the Petroleum Division to submit a summary.

Copyright Business Recorder, 2022