Former Finance Minister Miftah Ismail has warned that Pakistan could face a “self-inflicted disaster” next week if the Oil and Gas Regulatory Authority (OGRA) does not revise the current fuel pricing formula. According to projections cited by economic analyst Ali Khizar and attributed to Pakistan State Oil (PSO), diesel prices could surge to Rs616 per litre under the existing pricing mechanism.
In a post on X (formerly Twitter), Ismail criticized the government and regulators for a lack of basic competence in handling fuel pricing, saying that optics around austerity alone would not prevent a serious economic shock.
Meanwhile, both National Refinery Limited and Attock Refinery Limited have reportedly postponed their board meetings. Industry insiders suggest the delays are intended to avoid publicly disclosing extraordinary profits earned amid rising fuel prices.
The warnings come at a critical time as Pakistan’s diesel-dependent sectors, including transportation, agriculture, and industry, brace for possible price increases. Analysts say that unless the OGRA formula is adjusted, the projected spike could ripple through the economy, driving inflation in essential goods and services.
The combination of soaring fuel costs and potential profit concealment by major refineries has heightened concerns over transparency and accountability in Pakistan’s energy sector. Observers note that immediate policy intervention is needed to avert both economic and political fallout.
