Web Desk: In view of changing regional conditions and potential energy pressure the government has decided to change the mechanism for determining petroleum product prices. Prime Minister Shehbaz Sharif has given principle approval for weekly pricing of petroleum products.
A meeting of the committee on petroleum reserves and consumption chaired by Prime Minister Shehbaz Sharif was held in which the finance minister provided a detailed briefing on the current situation and possible challenges.
According to sources the committee recommended determining petroleum product prices on a weekly basis and the Prime Minister approved these recommendations. Under this new system the prices of petroleum products will be reviewed every week.
Sources said that the Economic Coordination Committee will prepare recommendations on petroleum product prices which will then be given final approval by the federal cabinet.
The meeting also discussed other measures to address a possible energy crisis. The Prime Minister instructed the finance minister to consult with the provinces and present proposals for virtual education in schools and work from home for government and private offices by Monday.
Government sources said these measures aim to ensure effective use of fuel reserves and reduce energy demand so that any potential crisis can be handled in time.
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