PM Shehbaz wants to lay off govt responsibility to fix POL prices

The federal government has decided to quit its responsibility regarding approval for petroleum product prices over public criticism, reported 24NewsHDTV channel.

Prime Minister Shehbaz Sharif has directed the concerned department to take all possible steps to relieve the government from this duty

The government wanted to give power to oil marketing companies to fix the oil prices in the country. On the instructions of the Prime Minister, the Petroleum Minister has convened an important meeting tomorrow. The federal government has directed Chairman OGRA to prepare an action plan regarding the oil prices mechanism.

The final framework for deregulating the prices of petroleum products will be presented to the Prime Minister soon.

The federal government was of the view that a hike in oil prices twice a month results in a negative public reaction for the government.

Meanwhile, petroleum dealers have opposed the idea of giving all powers to oil marketing companies regarding price mechanisms. The petroleum dealers fear that this move will encourage profiteering on the part of the oil marketing companies.

Reporter: Awais Kiyani