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ISLAMABAD: In a surprising move, the government of Pakistan has decided to revise the prices of petroleum products weekly, switching from its fortnightly pricing mechanism, it emerged Saturday.

The government has sought recommendations from the stakeholders and the Petroleum Dealers Association regarding its decision to switch the revising of petroleum products pricing from fortnightly to weekly.

In a letter, the government has asked the stakeholders to submit “meaningful views/comments, including pros and cons, of switching from fortnightly to weekly pricing, if any, within five working days”.

Oil prices steady ahead of OPEC+ oil production decision

Meanwhile, the All Pakistan Petroleum Dealers Association has rejected the plan and said the prices of petroleum products cannot be determined every week. “We had suggested switching the revising of petrol price from fortnightly to monthly,” said Abdul Sami – the association president, urging the government not to take such decisions “which have major consequences”.

It is pertinent to mention here that the PTI-led government in 2020 established a fortnightly pricing mechanism for petroleum products and shift from the price benchmark based on Pakistan State Oil (PSO) oil imports to Platts indexes.

The switch from monthly to fortnightly review of petroleum product prices came following a demand of the oil industry and in order to shield it from inventory losses.

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mustafa Nov 26, 2023 06:59pm
Stop playing like babies ... simply keep it Cost + LEVY + GST and forget about it for 3 or 6 months... moreover it should be decided by OGRA ( not by PM or Minister ) Teach People to Pay for what they consume ... and produce less babies ( 6.5 million babies is too much )
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