Daily changes in petroleum product prices being reviewed: Khurram Shehzad

WEB DESK: Finance Minister’s Adviser Khurram Shehzad has said the government is reviewing the potential benefits of introducing a system under which petroleum product prices could be revised on a daily basis, as the mechanism is already in practice in several countries.

Speaking on HUM News morning show, Subah Say Agay Khurram Shehzad said fuel prices change on a daily basis in many countries, which helps reduce speculation and uncertainty in the market. He said the purpose of such changes was to keep prices in line with the global market, while it was also important to consider the potential benefits and impacts of the system.

Shehzad said a key objective of the government’s policy was to reduce the government’s role in determining prices and give the private sector a more active role so that the system could operate according to market principles.

He said prices naturally fluctuated and did not remain at one level. If the government tried to artificially control prices, suppliers could halt supplies, creating the risk of a shortage in the market.

The finance minister’s adviser further said the government was considering policies aimed at promoting transparency, competition and a better system for consumers in the market. However, he said all aspects would be thoroughly reviewed before any new system was implemented.