ISLAMABAD : The government is reportedly working on a proposal to review and announce petroleum prices every seven days instead of the current fifteen-day cycle, it has been reliably learnt.
The proposed move aims to curb speculation and prevent hoarding of petroleum products (POL) by dealers seeking to make large profits during price adjustments. Another objective of the measure is to protect the oil industry from significant inventory losses that occur when prices fluctuate sharply.
According to insiders, if the current Middle Eastern situation persists, the price of high-speed diesel (HSD) could increase by around Rs52 per litre, while petrol may go up by approximately Rs26 per litre in the upcoming revision.
Industry sources say the proposal was also a long-standing demand of oil marketing companies (OMCs). Dealers often start hoarding products when a price increase is anticipated, while they tend to stop purchasing from OMCs when prices are expected to decline, creating supply distortions in the market.
