Two days after the interim commerce minister’s statement hinting atforthcoming positive developments in oil prices, the Oil and Gas RegulatoryAuthority (OGRA) has clarified that no decision has been made regardingthis matter.
In a statement released on Monday, OGRA emphasized the importance ofrefraining from speculating about potential increases or decreases in oilprices to prevent disruptions in the supply chain.
OGRA further highlighted that oil prices in the country are predominantlyinfluenced by international market rates and the exchange rate between therupee and the dollar. The statement noted that these two factors haveexhibited contrasting trends in recent weeks, with international oil pricesrising while the dollar has weakened against the rupee.
However, it was clarified in the statement that the decision on oil pricesis still pending, and any speculation during this period should be avoided.Caretaker Minister for Commerce and Industries Gohar Ejaz had informedreporters on Saturday that there might be positive news about oil pricessoon, attributing it to the government’s efforts to stabilize the currencyand combat smuggling.
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“When the currency has stabilized, you will see its results. I am hopefulof favorable news regarding petrol prices on October 1, which increased dueto currency fluctuations,” stated Interim Commerce and Industries MinisterGohar Ejaz on Saturday.
