Islamabad: Managing Director Attock Refinery Limited (ARL) has advocated review of oil prices on daily basis.
The government had switched to fortnightly oil prices review from monthly to fortnightly basis in a bid to rescue oil industry that claimed heavy losses during the sharp decline in oil prices following lockdowns.
During a meeting attended by oil industry stakeholders and government officials, managing director Attock Refinery said that ideal pricing may be done on daily basis but as first fortnightly pricing is the best which may reduce refineries/OMCs risk and accordingly its impact on the consumers will be reduced.
With fall in oil prices, the oil industry in Pakistan had exploited the situation and created artificial shortage in month of June this year when oil prices witnessed sharp decline. Even, the consumers were denied of benefits of low prices and oil marketing companies curtailed oil supply to their retail outlets.
During month of July, the situation became normal when government announced hefty increase in oil prices on June 26 before end of month and companies involved in creating shortage, were allowed to pocket billions following hike in prices. The OMCs started supply of oil to their retail outlets with hefty increase in oil prices.
In such situation, it does not seem feasible to switch to daily basis oil prices review in our country where regulator is week, experts said adding that Pakistan has week regulator and even they lack infrastructure to monitor the outlets of oil marketing companies.