Federal Government has established the “Petroleum Prices Stabilization Fund” to address fluctuations in the prices of petroleum products.
The government has issued notification about the new Petroleum Prices Stabilization Fund and allocated official account for it.
The Ministry of Finance has intimated to all concerned institutions including the Auditor General Pakistan, Controller General Accounts and Accountant General Pakistan Revenue.
Accountant Generals of Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan have also been informed about the new fund. “The provincial governments have also been issued orders to ensure necessary arrangements with regard to the fund receipts”.
The government has notified that all amounts deposited in the fund will be transferred to the public account of the federal government. The special account head and Object Code have been allocated for the fund, as per the official notification.
“The Ministry of Finance, Petroleum Division and the OGRA will jointly prepare the rules and regulations of the Fund”. Moreover, the legal and financial mechanism will separately approved for the stability of the petroleum prices.