The Pakistani government has decided to relinquish control over petroleum product prices, with Prime Minister Shehbaz Sharif directing the removal of government authority in setting prices.

Following the Prime Minister’s directive, the Petroleum Minister has called a crucial meeting on Thursday to discuss the matter.

The Prime Minister has instructed the Chairman of the Oil and Gas Regulatory Authority (OGRA) to assess the impact of price deregulation and develop a framework for implementation. This framework will be presented to the Prime Minister for final approval.

The government is preparing to grant oil marketing companies the authority to set prices in a phased manner.

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The Prime Minister has stated that the government faces criticism when prices rise but does not receive public appreciation when prices decrease.

It is noteworthy that petroleum dealers have opposed granting oil marketing companies the power to set prices. They argue that this could lead to unfair profiteering by these companies.