Daily fuel price changes needed to prevent large-scale hoarding: Minister

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Levy could be changed after consultation with international parties: Ali Pervaiz Malik

Petroleum Minister Ali Pervaiz Malik said on Thursday that the daily changes in the petroleum prices were necessary to prevent the risk of large-scale hoarding.

Speaking at a meeting of the National Assembly Standing Committee on Petroleum, Malik said that the issue of the petroleum levy was beyond his authority and any change could only be made after consultation with international parties.

Committee member Asad Alam Niazi asked why the government was imposing a levy on petrol and diesel. In response, the petroleum minister said the levy was beyond his authority and could be changed after consultation with international parties. He said a levy target had been set in the budget and all MNAs had voted for it.

Committee member Syed Naveed Qamar asked why the government was not deregulating petroleum products and why it was facing criticism over daily price changes. Malik said that the Oil and Gas Regulatory Authority (Ogra) currently determines petroleum prices on a daily basis.

He said that if the prices were deregulated, diesel would cost Rs600 per litre, which would create chaos.

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