A spokesman of the of the Petroleum Ministry has clarified that the domestic sale prices of petroleum products are linked with actual international market import prices of petroleum products imported by PSO during the immediate preceding month. A press statement on Monday read in case of no imports, the domestic sale prices are worked out as per Import Parity Pricing formula based on monthly average international market (Arab Gulf) prices of petroleum products published in Platts Oilgram. The prices of petroleum products are deregulated and Oil Marketing Companies (OMCs)/Refineries have been authorized to fix and notify prices in accordance with the above GoP approved formula. OGRA monitors the prices notified by OMCs/refineries to ensure that the prices are as per formula and there is no overcharging. The ministry notifies the petroleum levy, if required, with the approval of Finance Division.
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