Petrol price led impasse and the International Monetary Fund has forced the government to take a further step on the Issue. The government is on the brink to authorize oil marketing companies (OMCs) to set future petrol prices – the least the government can do to minimize the public criticism over increasing petrol prices.
Sources have revealed that the government is likely to authorize OMCs to make decisions regarding petrol prices.
According to details, petroleum division will prepare the summary and would present it before Prime Minister Shahbaz Sharif next week. “Once approved by the premier, the summary would be floated in the meeting of the Economic Coordination Committee (ECC) to seek its necessary approval,” sources said.
They added that if the ECC approves to let the OMCs set oil prices then the government will have no authority to decide the POL prices.
Impacts on Petrol Prices
Earlier, we have mentioned that the IMF offered nothing to settle the uncertainty but came with a new set of conditions – asked the government to end its authority to set the petrol prices.
It is pertinent to mention that if it happens, there will be a simple diversity to exhibit in the petrol prices across the country.
Moreover, there are chances of monopoly by these companies, as they could join hands and sell the petroleum goods at a set price. Let’s see what the government decides regarding the said issue.
The government has failed to devise more well-thought-out strategies to enable the citizenry to switch to cheaper sources of fuel and electricity. And, in turn, have to face severe public criticism.
What do you think that ECC would approve of the summary? How would it affect the petrol prices? Share your thoughts in the comment section.
For the latest updates on the auto industry, keep visiting PakWheels Blog.
Well since even the most poorest of the man is still spending money on tobacco, it shows that the man is still not ready to cut back on expenses by letting the control over petrol prices go the government is doing really good and trying to teach people to classify and choose between necessity and luxury.