PPDA warns against oil price deregulation in Pakistan

The Pakistan Petroleum Dealers Association (PPDA) has issued a stark warning against any move to deregulate oil prices in the country. According to the PPDA, deregulation could have catastrophic consequences for Pakistan's economy, leading to hyperinflation, instability, and potential bankruptcy.

Speaking at an emergency meeting, Hassan Shah, a member of the PPDA Executive Committee, emphasized that deregulating oil prices would result in a sharp devaluation of the local currency, making basic necessities unaffordable for millions of people. Shah highlighted the inherent instability in Pakistan's oil supply chain, cautioning that deregulation could lead to a scenario where essential items become prohibitively expensive.

Shah further pointed out that without a robust price control mechanism in place, deregulation would empower oil refineries and companies to exploit consumers for unjustified profits. He stressed the need for stringent regulations to prevent price manipulation and ensure fair pricing for all citizens.

The PPDA also raised concerns about the lack of oversight in the oil sector, noting that current regulations have failed to deter illegal profiteering and supply disruptions. Shah warned that deregulation would exacerbate these issues, creating a volatile market environment that could push the country towards economic collapse.

In conclusion, the PPDA urged the government to prioritize the interests of the public over private businesses and reject any proposals for deregulating oil prices. The association emphasized the importance of maintaining stability in the oil market to safeguard the economy and protect consumers from exploitation.