Partially fulfilling a chronic demand of various stakeholders and opposition parties, the government on Thursday brought a bill in the National Assembly aimed at taking back Petroleum products price determination right from Oil Companies Advisory Committee (OCAC). The government, however, did not come out with a clear statement whether it was willing to transfer POL price determination power to Oil and Gas Regulatory Authority (Ogra) as demanded by the opposition off and on and suggested by the World Bank (WB) some two years back.
According to the bill and the statement of its mover, Federal Parliamentary Affairs Minister Dr Sher Afghan Niazi, it looked that these powers would rest with the petroleum ministry, as was the case before 2002.
The Oil and Gas Regulatory Authority (Ogra) (Amendment) Bill, 2004, would possibly be passed on Friday or Monday. It, however, would be enforced after its passage from the Senate and going through the Presidential assent afterwards.
The government moved the bill with what might be called a surprising statement as Niazi said the government was aware of the plight of commoners due to fortnight review of POL price.
The whole government machinery, in the past, has been defending the surge in the petroleum products price after every 15 days by linking it with the similar trend in the international market.
"The government is aware that the surge in POL prices after every 15 days places consumers no where. That's why the right of price determination is being taken back from the OCAC," Dr Sher Afghan said.
The opposition has been critical of the OCAC right of POL price determination as it dubbed it as an oil marketing companies dominant body, which raised petroleum prices without taking care of consumers.
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