On Monday, the Oil and Gas Regulatory Authority (Ogra) advised against engaging in oil price speculation because it could interfere with the country’s efficient oil supply system.
The authority’s statement follows claims from federal ministers that the POL price would probably be decreased in the upcoming fortnightly review on October 1.
Gohar Ejaz and Murtaza Solangi, the interim federal ministers for commerce and industries and information and broadcasting, predicted a drop in petrol prices last week as the rupee strengthened against the dollar.
Ogra addressed the allegations by stating that “[the authority] would like to emphasise the importance of avoiding speculations regarding the prices of petroleum products.”
The price of crude oil in Pakistan, according to the research, is significantly impacted by exchange rates for the dollar and market prices on a global scale.
According to the report, POL prices have increased on the global market, while the value of the dollar relative to the rupee in Pakistan has decreased.
Ogra stated that there is still one week until the introduction of new rates, despite all of these reasons.
“Therefore, any speculation about price increases or decreases during this period is highly speculative and may potentially interfere with the efficient operation of the oil supply chain,” the statement reads.
The current prices for fuel and diesel are Rs. 331.38 and Rs. 329.18, respectively.
