Two days after the interim commerce minister's statement hinting at forthcoming positive developments in oil prices, the Oil and Gas Regulatory Authority (OGRA) has clarified that no decision has been made regarding this matter.
In a statement released on Monday, OGRA emphasized the importance of refraining from speculating about potential increases or decreases in oil prices to prevent disruptions in the supply chain.
OGRA further highlighted that oil prices in the country are predominantly influenced by international market rates and the exchange rate between the rupee and the dollar. The statement noted that these two factors have exhibited contrasting trends in recent weeks, with international oil prices rising while the dollar has weakened against the rupee.
However, it was clarified in the statement that the decision on oil prices is still pending, and any speculation during this period should be avoided. Caretaker Minister for Commerce and Industries Gohar Ejaz had informed reporters on Saturday that there might be positive news about oil prices soon, attributing it to the government's efforts to stabilize the currency and combat smuggling.
"When the currency has stabilized, you will see its results. I am hopeful of favorable news regarding petrol prices on October 1, which increased due to currency fluctuations," stated Interim Commerce and Industries Minister Gohar Ejaz on Saturday.