OGRA advised against speculation on petroleum prices


ISLAMABAD:27 Sep 2023:  In an unusual public rebuke, the Oil and Gas Regulatory Authority (Ogra) has advised against speculation on petroleum prices, which could “disrupt” the smooth supply chain. In a public statement on Monday, the petroleum regulator emphasised “the importance of avoiding speculations regarding the prices of petroleum products”.

Even though the statement excluded any explicit reference, the caution was apparently in response to the statements by two caretaker federal ministers, who had hinted at a reduction in prices in the next fortnightly review, due on Sept 30. Their optimism was based on the improved value of the rupee, which has gone up by Rs16.24 against the dollar since hitting a record low of 307.1 in the inter-bank market on Sept 5.

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