ISLAMABAD: The Ministry of Energy has instructed the Oil and Gas Regulatory Authority (Ogra) to finalise the framework for transferring the responsibility of determining petroleum prices to the oil industry.

In a letter issued on Wednesday, the ministry directed the Ogra chairman to convene a meeting today (Thursday) to discuss the analysis, implications, and way forward for deregulating petroleum products.

The letter referenced Prime Minister Shehbaz Sharif’s directive to delegate pricing responsibilities to oil marketing companies, but notably, the two main stakeholders — OMCs and dealers — have not been invited to the meeting.

Currently, four of the eight petroleum fuels consumed in the country — jet fuels for........

© Dawn Business