ISLAMABAD (Eshfak Mughal):- The coalition government led by Prime Minister Shehbaz Sharif is considering to announce prices of petroleum products on weekly basis instead of fortnightly basis due to volatility in oil prices in the international market.
Source in the Finance Ministry told ProPakistani the government is likely to change to the review process of the prices of petroleum products from fortnightly to weekly basis.
Currently, PTI government had decided to review and announce petroleum prices on the last day and 15th of each month. Before that, the rates were reviewed last day of every month.
It is worth to mention here that this is also a pre-condition of the International Monetary Fund (IMF) for the seventh and eighth reviews.
The change in the review process of prices of petroleum prices will only come into force when Federal Cabinet will approve it, the sources said. The government wants to shift the advantage or burden of the change in international oil prices to the end consumers.
The price of petroleum products is currently reviewed after every 15 days and this decision was taken by PTI’s government. Before that, the rates were reviewed every 30 days.