Two days after the caretaker commerce minister said that the country would receive good news about oil prices soon, the Oil and Gas Regulatory Authority has clarified that any decision in the matter is yet to be taken.
In a statement issued on Monday, OGRA said that it was important to avoid speculation regarding the increase or decrease in the price of oil could create disruptions in the supply chain.
OGRA also said that oil prices in the country are primarily dependant on the prices in the international market as well as the exchange rate of the rupee against the dollar.
The statement added that both factors had shown opposing trends in recent weeks, as the prices of oil had increased in the international market but the dollar had weakened against the rupee.
However, the statement clarified that the decision on oil prices was yet to be taken and speculation in the period up to the decision.
Caretaker Minister for Commerce and Industries Gohar Ejaz had told reporters on Saturday that there could be good news about oil prices soon now that the government’s crackdowns on dollar and smuggling were yielding results.
“When the currency has stabilized, you will see its results, I am hopeful of the good news on the rate of petrol on October 1 that was increased due to the hike in currency,” Interim Commerce and Industries Minister Gohar Ejaz said on Saturday.