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Government to Transfer Petroleum Pricing Power to Oil Companies in Major Deregulation Move
The government is stepping back from controlling petroleum prices! Oil marketing companies will soon have the power to set prices.
ND
by News Desk
2024-07-24
Government to Transfer Petroleum Pricing Power to Oil Companies in Major Deregulation Move

The federal government has decided to relinquish its control over the pricing of petroleum products. Sources reveal that the Prime Minister has instructed the end of the government's authority in setting these prices, paving the way for oil marketing companies to take the lead.

 

Preparations are already underway to implement this change in a phased manner. Following the Prime Minister's directives, the Minister of Petroleum has scheduled a crucial meeting for tomorrow to discuss the details. The Chairman of the Oil and Gas Regulatory Authority (Ogra) has also been tasked with devising a comprehensive plan to manage the transition and assess the impact of deregulation.

 

The proposed framework for deregulating petroleum prices will be presented to the Prime Minister for final approval. However, this move has met with opposition from petroleum dealers, who have voiced concerns about potential unfair profiteering by oil marketing companies if they are given the power to set prices independently.

 

This development marks a significant shift in the country's petroleum policy, reflecting a broader trend towards market-driven mechanisms in the energy sector. Stakeholders and consumers alike are eagerly awaiting the outcomes of these deliberations and the potential impacts on fuel prices.
Tagged:

PetroleumPrices

Deregulation

OilMarket
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