Petrol Pump owners oppose fuel prices' daily adjustment

ISLAMABAD: Petrol Pump owners have opposed a proposal of revising petroleum product prices on a daily basis.

The Pakistan Petrol Pump Owners Association, while opposing the proposal of daily adjustment of petroleum prices in a statement called it ‘unacceptable’ to them.

The owners body said that the mechanism of weekly revision of the petroleum prices has already severely affected the petrol pump’s business. “The daily price mechanism will further hurt the stock management and financial planning,” owners body said.

It further said that the petrol pump owners have not been kept in loop over the new mechanism of the prices adjustment. “Consultation with the stakeholders has been necessary over the key policy decisions,” petrol pump owners association stressed.

“The government should immediately revisit its decision of daily prices mechanism,” the body said. It demanded for a balanced and implementable policy while keeping the petrol pump owners in loop.

The owners’ association suggested adjustment of petroleum product prices at least on monthly basis.

They warned of announcing their line of action over the matter if their reservations would not be addressed.

There are reports that the government is considering over a proposal to revise petroleum product prices on a daily basis, officials sources said.

Currently, petroleum prices are adjusted on a weekly basis. Before that, they were adjusted fortnightly and, earlier, on a monthly basis.