Oil and Gas Regulatory Authority (Ogra) and Oil Marketing Companies (OMCs) in Islamabad on Wednesday held the first meeting to discuss the deregulation of petroleum products.

It is pertinent to mention here, the Government of Pakistan will deregulate POL products’ prices from Nov 1 to meet IMF conditions.

The Oil and Gas Regulatory Authority held a first phase meeting presided over by Ogra Chairman with oil marketing companies regarding the deregulation of petroleum products.

The meeting was attended by Member Gas, Member Oil, Member Finance, senior executives of Ogra and Ministry of Energy (Petrol Division), chief executives of oil marketing companies, members of Oil Companies Advisory Council and representatives of oil industry.

The oil marketing companies presented their views in detail about the deregulation of petroleum products.

In the second phase, meetings will be held with oil refineries, oil industry and other stakeholders to get their views.

As a result, a possible roadmap for preparing the final TORs for deregulation can be developed.

Earlier on September 6, the government decided to deregulate the prices of petroleum products from 1st November 2022 to meet IMF conditions.

The official sources said that after 1st November, the oil marketing companies would determine the prices of POL products instead of the government as per the IMF term.

They further said that the government would honour its commitment made with the IMF regarding the POL products’ prices.

The government collects only petroleum levy for determining the prices of POL products.

The government has not imposed 17pc GST on POL products, the sources said.

Levy on diesel was decreased, whereas levy on petrol was raised by Rs17.50.

Under the IMF agreement, the levy on diesel was supposed to be Rs 15 but the government is charging Rs7.50.

Before 1st November, oil marketing companies will buy POL products from international markets.