PM constitutes body to monitor POL prices

ISLAMABAD
Prime Minister (PM) Shehbaz Sharif has constituted 19-member committee to monitor fuel prices and supply in the country in the perspective of persistent rising prices of petroleum products in the international market.
According to notification issued by PM office committee will review increase in prices of petroleum products, availability and stock position on daily basis. It will present its report directly to PM.
The notification said finance minister Muhammad Aurangzeb will be convener of the committee. Minister for petroleum, state minister, governor state bank, chairman FBR and OGRA will be part of the committee.
Heads of important key energy sector institutions, including Pakistan State Oil (PSO), Pak Arab Refinery Company (PARCO), Sui Southern Gas Company, and Sui Northern Gas Pipelines Limited, are also included in the committee.
Representatives from intelligence agencies including the IB and ISI have also been included in the committee to identify any possible hoarding or artificial shortages in time.
According to ministry of finance , terms of references of the committee have also been issued. The committee will review economic impact of fluctuation in the prices of petroleum products and present medium and short term proposals. Strategy will be evolved to counter any hindrance if created in supply Notification said detailed analysis of possible financial impact in the event of crisis will also be presented. Number of the members of committee may be increased if need arises.
Petroleum division has been directed to ensure its full cooperation in the holding of meetings and provision of necessary information.
As per government sources these steps are aimed at ensuring uninterrupted supply of petroleum products and stability of prices in the country in view of situation of international market so that the people could be protected against likely crisis.