The federal government constituted on Monday the petroleum price stabilisation Fund, according to a notification issued by the Ministry of Finance.
Fund formed to cushion oil price volatility
The fund has been set up to reduce the impact of fluctuations in oil prices, the notification stated. Implementation of the decision of the Federal Cabinet has been initiated.
Govt account established for fund
A government account has been allocated for the fund. The Ministry of Finance has informed all relevant institutions regarding the establishment of the fund.
Provinces directed to arrange collection
Provincial governments have been directed to make arrangements for the collection of the fund. A formal letter has been sent to the State Bank of Pakistan and other key institutions.
Ogra, Finance Ministry to devise fund mechanism
The Oil and Gas Regulatory Authority (Ogra) and the Ministry of Finance will prepare the mechanism for the fund’s operation.
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