Bhagwandas report proposes to deregulate HOBC price

ISLAMABAD: The Rana Bhagwandas judicial commissions set up to look into the oil pricing mechanism and soaring trend in the petroleum products issued its report to media.

The commission proposed to design short, middle and long term strategies for oil pricing and deregulation of prices of HOBC, light diesel and JP1 fuel. A committee of oil and energy experts must be formed.

According to commission’s recommendations, PARCO oil refinery should have extended petroleum reservoirs and the prices of HOBC, light diesel and JP1 fuel should be deregulate. The formation of oil and economic experts committee has been proposed to evolve formula for ex-refinery prices.

The reports suggested boost in OGRA and petroleum ministry capacity. The commission report also stated details of gains government and oil companies fetched from petroleum products.