On Wednesday, the Pakistan government decided to shift the responsibility of setting petroleum prices from itself to oil marketing companies.
Prime Minister Shehbaz Sharif has instructed relevant authorities to relinquish control over price determination, initiating a phased transfer of regulatory power to these companies.
Following the Prime Minister’s order, Petroleum Minister Musadik Malik will hold a key meeting tomorrow to outline the details of this plan. The Petroleum Dealers Association (PPDA) chief has expressed concerns that deregulating petroleum prices may lead to severe inflation in the country.
The PPDA has long opposed this move, and the government had previously assured that such a measure would not be taken.