The government of Pakistan has taken action against artificial fuel shortage in the country. News about petrol prices in Pakistan may deregulate the city wisely. Last week Oil and Gas Regulatory Authorities has sent a notice to the Oil Marketing Companies about artificial fuel shortage.
According to the details, Oil Marketing Companies rejected to reduce fuel prices in the country. Previously the government has reduced petrol prices in Pakistan on a monthly basis. Petrol prices are slashed at the international level due to the low demand. The price of Hi-Octane is remaining the same and there is no shortage of Hi-Octane in the country.
Oil Companies said that the government should increase prices of fuel and they are showing an unreal shortage of fuel and try to hike prices. Actually, there is no fuel shortage happened in the country.
Economic Coordination Committee (ECC) has rejected to increase petrol prices in the country because prices are applied according to the fuel import price.
The government has decided to deregulate petrol prices Inland Freight Equalization Margin (IFEM). Now prices may vary according to the city to city or petrol station to station.
It means prices vary on the distance basis from oil refineries to the petrol station and start from Rs1 to Rs5 and cover the transportation cost for Oil Marketing Companies.
