Senate Panel Questions Daily Fuel Pricing, OGRA Autonomy Amid Price Hikes

Pakistan's Senate Standing Committee on Petroleum has rejected the appointment of an interim chairman for OGRA and questioned the daily fuel pricing mechanism, advocating for a return to fortnightly revisions. The panel expressed concern over rising domestic fuel prices, which increased by Rs30 while international crude oil rose from $76 to $82 per barrel, and highlighted the high tax burden on petroleum products. The Petroleum Minister defended the daily mechanism, stating it uses a seven-day rolling average of international refined product prices and prevents supply restrictions. This ongoing debate on fuel pricing and government policy could influence Pakistan's inflation outlook and the stability of the PKR, potentially affecting local gold and silver demand.

بحوالہ / Source: www.brecorder.com