The government, in an effort to implement yet another IMF demand, decided to take back the authority to set prices of petroleum products from the Oil and Gas Regulatory Authority (OGRA).

Following the decision market will determine the prices of petroleum products starting from November.

The decision was taken in an important meeting which was held under the chairmanship of Ogra Chairman Masroor Khan, in which heads of oil marketing companies, petroleum division and other officials participated.

According to Ogra, the issue of deregulating the prices of petroleum products was discussed in detail in the meeting. Oil refineries and other parties will also be taken into confidence for the formulation of final TORs.

The prices of petroleum products have been calculated and determined by Ogra which from November will be determined by the market forces.