According to sources, a new pricing mechanism has been approved to reduce the demand for petroleum products and Regasified Liquefied Natural Gas (RLNG), under which the prices of petroleum products will be revised every week. Sources say that in the first phase, the number of holidays will be increased based on the pattern of the mechanism adopted during the COVID-19 pandemic.
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Further, the government has prepared a strategy consisting of the first, second, and third phases, which includes three to four dozen proposals.
In the first phase, the government will implement measures in the public sector, while in the second phase, an online assignment system will be introduced in private schools, universities, and hospitals; along with this, petroleum product prices will also be revised weekly.
In view of the changing situation in the region, a meeting of the high-powered committee on petroleum product reserves and consumption was held under the chairmanship of Prime Minister Shehbaz Sharif. According to sources, Finance Minister Muhammad Aurangzeb briefed PM Shehbaz in the meeting.
Sources say that a plan has been prepared to reduce working days for offices, educational institutions, and service-providing organisations, while a virtual education system in educational institutions and a work-from-home mechanism for offices are also under consideration.
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According to officials, through these measures, the effective use of existing fuel reserves and a demand reduction will be made possible. Under the plan, a mechanism for weekly revision of petroleum product prices is also under consideration.
It has also been decided to carry out a strict crackdown to prevent hoarding, illegal storage, and smuggling, with PM Shehbaz to make important decisions in this regard.