The government on Wednesday decided to withdraw the authority of the Oil and Gas Regulatory Authority (OGRA) to decide prices of petroleum products.
According to sources, the market will determine the prices of petroleum products starting from November.
An important meeting was held under the chairmanship of OGRA Chairman Masroor Khan. The heads of oil marketing companies, petroleum division and other officials participated in the meeting.
According to the sources, the issue of deregulating the prices of petroleum products was discussed in detail in the meeting. Oil refineries and other parties will also be taken into confidence for the formulation of final TORs.
