OGRA will announce up to date ex-depot costs day by day on its web site with out requiring prior approval.
ISLAMABAD: Federal cupboard has accepted a brand new pricing mechanism for petroleum merchandise underneath which the costs of petrol and high-speed diesel can be revised every day, changing the present periodic adjustment system.
Beneath the brand new framework, the Oil and Gasoline Regulatory Authority (OGRA) will announce up to date ex-depot costs day by day on its web site with out requiring prior approval from the federal authorities. Nonetheless, gas costs will stay unchanged on Saturdays and Sundays.
The cupboard accepted linking petrol and diesel costs to the seven-working-day common of worldwide market costs. Petrol costs can be decided based mostly on import prices and premiums, whereas within the absence of imports, an annual common premium can be utilized.
Diesel costs can even be calculated utilizing import prices and the seven-day common.
The choice states that the petroleum levy won’t exceed the restrict accepted by the cupboard, whereas any adjustments to the levy would require authorization from the Ministry of Finance.
To boost transparency, OGRA has additionally been directed to publish each day worldwide Platts reference costs on its web site.
The cupboard additional accepted that in fiscal yr 2027, solely Pakistan State Oil (PSO) can be allowed to import high-speed diesel.
Oil advertising firms (OMCs) can be permitted to import petrol in response to their market share, whereas firms violating import situations may face disqualification from imports for as much as 9 months.
Learn extra, Petrol, diesel costs elevated in nationwide gas worth revision
As well as, the costs of kerosene oil and lightweight diesel oil can even be decided every day, with OGRA instructed to implement the brand new pricing system instantly.
