ISLAMABAD: The federal government is considering key proposals regarding petroleum products, including a plan to review fuel prices on a weekly basis instead of the current fortnightly system.
According to sources, the Ministry of Energy has prepared a working paper on the proposals and briefed the prime minister.
Under the suggested plan, prices of petrol and diesel would be revised weekly rather than every 15 days, allowing them to be adjusted more closely in line with fluctuations in the international market.
Sources said the prime minister will decide on the proposal after consulting the government’s economic team. If the economic situation remains serious, a final decision from the federal government is expected soon.
Meanwhile, the government has also tightened monitoring to prevent hoarding of petroleum products across the country.
On the other hand, Oil and Gas Regulatory Authority (OGRA) has assured the public that the country has sufficient reserves of petroleum products to meet national demand.
An OGRA spokesperson said existing stocks are adequate to fulfill fuel requirements across the country and urged citizens not to pay attention to rumors or engage in unnecessary fuel purchases.
The spokesperson added that strict legal action will be taken against individuals involved in hoarding petroleum products.
Authorities have decided to take action against those storing fuel at unauthorized locations, noting that only licensed oil depots and oil marketing retail outlets are permitted to maintain petroleum stocks.
OGRA also said provincial chief secretaries have been directed to mobilize deputy commissioners to curb illegal hoarding. Locations found involved in unlawful storage will be sealed and legal action will be taken in accordance with the law.
Meanwhile, Petroleum Dealers Association leader Sameer Hussain claimed that oil companies have restricted purchases at petrol pumps and are supplying fuel based on the average sales of the previous month.
He said some companies are supplying fuel based on the average sales of the last six months, while Pakistan State Oil (PSO) is providing supplies to pumps according to their February sales average.
