(Latest newspaper from newstime-June 4- 2020) PSO has reduced the price of high octane by Rs 15 per liter, Pakistan State Oil has reduced the price of HOBC from Rs 157 per liter to Rs 142 per liter. Due to being deregulated, the Oil and Regulatory Authority did not have the authority to determine the price of HOBC. In this regard, Nadeem Babar, Special Assistant to Prime Minister Imran Khan for Petroleum, has said that our HOBC and fuel oil are not regulated, OGRA or the Ministry of Finance cannot legally fix the price of HOBC.
Nadeem Babar further said that he has written to OGRA to investigate the excessive price of high octane petrol. Legally it is the job of the regulator to look at the price. Answering a question, he said that the method of fixing the price of petroleum products would be reformed. Oil companies and refineries have suffered losses due to the fall in oil prices in the international market. Oil companies are now trying to make excessive profits to make up for their losses.
Nadeem Babar said that if the oil companies have suffered a loss on inventory due to the fall in prices, it will also benefit from the increase in prices. It seems clear that the price of high octane petrol should have come down which did not come. The ban on oil imports was lifted three weeks later. Oil companies did not import oil due to the continuous decline in prices. He said that he has asked the oil companies for the next two months and the refineries for a three-month import plan. Oil prices fell sharply on April 20, and the ban was lifted on April 15.
0 Comments