ISLAMABAD – The Oil and Gas Regulatory Authority (Ogra) on Monday said that speculations on petroleum prices should be avoided as they could disrupt the smooth functioning of the oil supply chain in the country.
The statement from the authority comes after caretaker federal ministers claimed the POL price would likely be reduced in the next fortnightly review on October 1.
Caretaker Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Information and Broadcasting Murtaza Solangi said last week that petroleum prices would go down as the rupee has gained ground against dollar.
Responding to the claims, Ogra said: “[the authority] would like to emphasize the importance of avoiding speculations regarding the prices of petroleum products.”
It said the petroleum prices in Pakistan are primarily dependent on international market prices and the exchange rate of the dollar.
It said international market has witnesses surge in POL prices while the dollar has depreciated against rupee in Pakistan.
Amid all these factors, Ogra said there is still one week remaining before the announcement of new prices.
“Therefore, any speculation about price increases or decreases during this period is highly speculative and could potentially disrupt the smooth functioning of the oil supply chain.”
The petrol and diesel prices are currently stand at Rs331.38 and Rs329.18, respectively.
