In a major development just two days before the announcement of the next federal budget, the government announced on Wednesday deregulation of the prices of petroleum products from the next fiscal year.
The Oil and Gas Regulatory Authority (OGRA) notified a Rs 1.70 reduction in the price of petrol, bringing it down from Rs 88.41 to Rs 86.71 per litre, while the price of high speed diesel was reduced by Rs 3.20 from Rs 97.31 to Rs 94.11 per litre, and kerosene by Rs 5.05 from Rs 89.70 to Rs 84.65 per litre from June 1. OGRA will issue the indicative prices of light diesel oil, high octane and jet fuel prices today.
Addressing a news conference, OGRA Finance Executive Director Syed Jawad Naseem said the government decided to deregulate the prices of POL products and from now onwards, the prices would be determined by oil marketing companies. However, OGRA would continue to issue an indicative price for POL products. He said the indicative price would be linked to the cost of supply price of the state-owned Pakistan State Oil that has a more than 70 percent share in domestic oil marketing.
He said that the deregulation was made under an ECC decision of October last year.
The deregulation would reduce the gap between local and imported POL products as the Finance Ministry had to pay the differential to oil refineries, he said, adding that the refineries would be given a target to reduce sulfur content in diesel. After the deregulation, the government would not be paying inland freight equalisation margin to the Pak Arab Refinery and local refineries would be getting the same price for their products as imported ones. The deregulation of the price mechanism was being stressed by international financial institutions as they termed its abolition conducive to further investment in the refinery and the oil marketing sector
Everything is confusing about the economic affairs of country because you do not trust this government of PPP-Z,MQM,ANP-ML-Q one bit but consider them enemies of nation and poor. Imagine there is no economic survey but budget on 3rd June, taxes imposed through Presidential-anti constitutional ordinances, now suddenly petroleum prices deregulated etc. There is no more talk and accountability as why state corporations as PIA,PSML,Railways,Eobi,NICL etcetc were looted deliberately and why unmerited appointments of heads of vital state institutions were made by President, Prime minister resulting in power shortages, installing infamous rental units for billions of rupees corruption, 10-12 hours load shedding since 36 months, no potable water, no roti,highest ever utility tariff, unprecedented 'mehangi',horrendous corruption, poor pounded to pieces with no mercy from the most and worst ever corrupt government. Around 1000 billion plus were afforded to state looters relating to farming communities in production,investors,artis,landed aristocracy by idiotic raise in support prices of wheat, sugar ,cotton added by manipulation to soar profits by artificial shortages etc. There is no target for reducing corruption, leakages of revenues by state departments:10000 billion losses accruing to state exchequer due to corruption and incompetence of PPPZ,MQM,ANP,MLQ government and shameful opposition offered by Nawaz Sharif another enemy of poor though of lesser proportion than the said coalition thugs.They should all be punished and ten trillion dollars be recovered from them,their cronies and thugs in every nook and corner of country. Budget exercise etc is mere eyewash, futile
Exercise and such measures as deregulation etc could be another cartel in offing by oil companies to plunder the poor all the more. Government still earns around RS27/per liter from petrol and do not know what will happen after the deregulation. The higher revenue targets with no ‘bijli, gas,water,rising tariffs-means more tyranny to poor that present cursed coalition of PPP-Z,MQM,ANP,ML-Q.
an Mohammad · 17 hours ago
Let now PML-N cool down on 'commisssion'.They must look into their own 'opposition' lapses for 33 months.They have also disappointed nation by not performing their required role allowing Supreme commander to only promote most polarized polity,divisive society and allowing the blackmailers,opportunists,target killers,bathakhors as MQM,PPP-Z,ANP,MLQ to become master of nation destiny leading it to total destruction by corruption and incompetence.However,defense srvices have to do their own monitoring,screening and accountability far more closely and stay away from dirty politics of politicians.Gen Kayani has so far been a non political person.Let the Inquiry commission do its jobs most effectively giving suggestion that ensure such lapses do not occur again.
Everything is confusing about the economic affairs of country because you do not trust this government of PPP-Z,MQM,ANP-ML-Q one bit but consider them enemies of nation and poor. Imagine there is no economic survey but budget on 3rd June, taxes imposed through Presidential-anti constitutional ordinances, now suddenly petroleum prices deregulated etc. There is no more talk and accountability as why state corporations as PIA,PSML,Railways,Eobi,NICL etcetc were looted deliberately and why unmerited appointments of heads of vital state institutions were made by President, Prime minister resulting in power shortages, installing infamous rental units for billions of rupees corruption, 10-12 hours load shedding since 36 months, no potable water, no roti,highest ever utility tariff, unprecedented 'mehangi',horrendous corruption, poor pounded to pieces with no mercy from the most and worst ever corrupt government. Around 1000 billion plus were afforded to state looters relating to farming communities in production,investors,artis,landed aristocracy by idiotic raise in support prices of wheat, sugar ,cotton added by manipulation to soar profits by artificial shortages etc. There is no target for reducing corruption, leakages of revenues by state departments:10000 billion losses accruing to state exchequer due to corruption and incompetence of PPPZ,MQM,ANP,MLQ government and shameful opposition offered by Nawaz Sharif another enemy of poor though of lesser proportion than the said coalition thugs.They should all be punished and ten trillion dollars be recovered from them,their cronies and thugs in every nook and corner of country. Budget exercise etc is mere eyewash, futile
Exercise and such measures as deregulation etc could be another cartel in offing by oil companies to plunder the poor all the more. Government still earns around RS27/per liter from petrol and do not know what will happen after the deregulation. The higher revenue targets with no ‘bijli, gas,water,rising tariffs-means more tyranny to poor that present cursed coalition of PPP-Z,MQM,ANP,ML-Q.
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