ISLAMABAD: Following the Prime Minister’s announcement to reduce petrol and diesel price by Rs 10 per litre, the Oil and Gas Regulatory Authority (OGRA) chairman has called an urgent meeting of Oil Marketing Companies (OMCs) and refineries to resolve their issues regarding oil prices.
OGRA Executive Director (Accounts), Muhamamd Murtaza Chaudhry in a letter dated March 01, 2022 addressed to Secretary Petroleum and Director General (Oil), Petroleum Division said that Chairman OGRA desired to conduct a meeting on Wednesday (March 02, 2022) to discuss the oil pricing issues with senior level officers well conversant with the pricing issues.
OGRA has also requested Chairman Oil Companies Advisory Council (OCAC), Managing Directors of PARCO, Pakistan Refinery Limited (PRL), Pakistan State Oil, Shell Pakistan, Gas and Oil, TOTAL PARCO and Chairman Cnergico PK Ltd to attend the meeting to discuss the matter in detail.
Prime Minister Imran Khan, in a big initiative to protect the masses from the impact of global inflationary trends, on Monday unveiled a major relief package, including Rs10 per litre reduction in petrol, diesel prices, Rs5 per unit cut in electricity tariff among other measures.
“The government has decided not to increase the prices of petrol and diesel as well as electricity tariff till the next budget,” Imran Khan said in his televised address to the nation.
According to sources, the OMCs and the refineries have serious concerns over the premier’s announcement to slash petrol and high speed diesel (HSD) price by Rs 10 per litre. And, to resolve their concerns the OGRA chairman has called an urgent meeting on Wednesday.
“This meeting would discuss in detail the ex-refinery price, ex-depot sale price etc and the measures to compensate the refineries and OMCs,” said sources.
It is pertinent to mention that reportedly the impact of Rs10 per liter reduction in petrol and diesel prices would mean a monthly impact of about Rs 15 Billion based on average sales of about 1.5 billion litres.
