Panel questions limited petroleum price cuts

ISLAMABAD:

The Senate Standing Committee on Petroleum was briefed on Monday about the prevailing petroleum pricing mechanism, including daily price calculations and the roles and responsibilities of the Petroleum Division, the Oil and Gas Regulatory Authority (OGRA) and oil marketing companies (OMCs).

The meeting was chaired by Senator Manzoor Ahmed.

OGRA's Member Finance briefed the committee on the publication and updating of petroleum prices on the authority's website.

He said petroleum prices had previously been revised monthly, but the process shifted to daily assessments during the Iran-Israel war.

He also updated the committee on the availability of petroleum stocks in the country and explained the mechanism for determining prices.

The committee chairman expressed concern over the extent of petroleum price reductions, questioning why prices were being reduced by only a few paisas despite the arrival of petroleum consignments and the availability of sufficient stocks.