On Monday, the Oil and Gas Regulatory Authority (Ogra) recommended avoiding speculation on petroleum product prices. This came after federal ministers hinted at a potential decrease in POL rates in the upcoming fortnightly review.
Recent statements by Caretaker Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Information and Broadcasting Murtaza Solangi suggested a decrease in POL prices, following the rupee’s appreciation against the dollar by approximately Rs16 in the past two weeks.
This is noteworthy since Pakistan, a POL importer, transacts in dollars. In the prior review, the interim government increased petrol and diesel prices by Rs26 and Rs17, marking a historical peak at Rs331.38 and Rs329.18 per litre, respectively.
Ogra, reacting to these ministerial comments, stressed the significance of not speculating about petroleum prices. They clarified that global market trends and the USD-PKR exchange rate largely influence these prices. Although there has been a rise in global petroleum rates and a favourable change in the exchange rate, Ogra emphasized that any price predictions, with a week left for the official announcement, can be misleading and may affect the oil supply chain’s operations.