After federal ministers claimed the POL charges would seemingly be diminished within the subsequent fortnightly evaluation, the Oil and Fuel Regulatory Authority (Ogra) Monday suggested towards speculating on the value of petroleum merchandise.
Following the rupee’s positive factors towards the greenback, Caretaker Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Info and Broadcasting Murtaza Solangi stated final week that POL costs could be diminished.
Within the final 14 days, the rupee has gained round Rs16 towards the dollar, prompting the claims, as Pakistan, being an importer of POL, purchases the commodity in {dollars}.
Within the earlier fortnightly evaluation, the caretaker authorities had jacked up the petrol value by greater than Rs26 and diesel by over Rs17 per litre to Rs331.38 and Rs329.18, respectively — the very best in historical past.
In response to the ministers’ claims, Ogra issued an announcement saying: “[the authority] would like to emphasize the importance of avoiding speculations regarding the prices of petroleum products.”
The authority talked about that petroleum product costs in Pakistan are primarily depending on worldwide market costs and the alternate charge of the Greenback.
In latest instances, it stated, there was a surge in worldwide petroleum costs, whereas the dollar-to-rupee alternate charge has proven enchancment.
However, the authority stated, it’s important to focus on that there’s nonetheless one week remaining earlier than the announcement of recent costs.
“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.”
