The caretaker federal government has received requests from oil marketing businesses asking it to refrain from implementing a seven-day cycle for announcing changes to petroleum product prices.
Tariq Wazir Ali, the Oil Marketing Association of Pakistan (OMAP) chairman, asked the Oil and Gas Regulatory Authority (OGRA) and the Ministry of Petroleum to reevaluate the decision.
He cautioned that Pakistan’s already unstable Oil Marketing Companies (OMCs) would suffer significantly from such a move.
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Narrow margins, significant FX losses, a PSO-benchmarked pricing structure, negative IFEM, delayed ICFS settlements, and intricate sales tax adjustments, according to the OMAP Chairman, have already turned the business into a miserable endeavor for OMCs.
According to him, the weekly adjustments that have been recommended will simply exacerbate the problems facing OMCs, leading to more anxiety and stress for both the businesses and their clients.
He went on to say that other sectors, like logistics and transportation, will suffer due to frequent and erratic fluctuations in fuel prices. This strategy might destabilize the economy and endanger the oil industry’s precarious equilibrium. He regretted that implementing such a regulation may harm OMCs and customers’ purchasing decisions.
Given the precarious state of the business and the adverse effects on the economy, the chairman of OMAP encouraged the Oil and Gas Regulatory Authority (OGRA) to reevaluate this proposal.
Given the current situation, he believed that the Petroleum Ministry and OGRA should refrain from making such adjustments. Instead, he pushed for an exhaustive conversation with industry players to create more well-informed, long-term solutions that serve the interests of all parties.
Notably, the Oil and Gas Regulatory Authority (OGRA) started asking petroleum dealers and businesses for their opinions last week regarding changing the frequency of gasoline rate revisions to a seven-day cycle. Petroleum dealers have so far opposed the proposal, saying it should not alter the revision schedule.
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