Tag: Price

  • Amid shortage, govt likely to allow petrol stations to set their own prices

    Amid shortage, govt likely to allow petrol stations to set their own prices

    As consumers across the country face difficulties due to petrol shortage, the government is currently contemplating completely deregulating pricing and marketing of petrol. 

    According to a report published in Dawn,  the government is considering doing away with uniform pricing of petrol and deregulating it in line with other petroleum products like hi-octane blending component (HOBC) which are already deregulated. 

    Recently oil marketing companies (OMCs) have come under severe criticism for their alleged collusive behavior that has seen the price of HOBC, to increase to Rs148-160 per litre. 

    While the government slashed petrol prices to Rs74 per litre in line with the decrease in international oil prices, no such reduction was seen in the price of HOBC. 

    According to the report, the government has also decided to deregulate the Inland Freight Equalisation Margin (IFEM) that currently ensures uniform prices throughout the country. As a result, consumers that are close to ports and refineries will be able to buy petroleum products at a cheaper price that may differ anywhere from Rs1 to Rs5 depending on the transportation cost.

    Earlier, on June 4, the Competition Commission of Pakistan (CCP) had taken notice of public concerns and complaints about the shortage of petroleum products in the country and had initiated an inquiry to see whether such a shortage is the result of any anti-competitive activity.

    The CCP’s inquiry will determine the possibility of the existence of any anti-competitive practices causing the shortage of fuel in the country and the undertakings involved in it.

    The inquiry will further examine why the impact of the reduction in the prices of oil have not resulted in the corresponding reduction in the prices of the lubricants and other oil-based products, including the prices of hi-octane, which are primarily deregulated products.

    Similarly, the Oil and Gas Regulatory Authority (OGRA) had also expressed its reservations last week regarding high prices of HOBC and had asked OMC’s to set prices at reasonable levels keeping in view the interests of the consumers. 

  • ‘.com’ domain prices to hike after 8 years

    ‘.com’ domain prices to hike after 8 years

    Domain prices for ‘.com’ are expected to rise by seven percent this year. The price has been static for the last eight years at $7.82 (Rs 1,212).

    According to reports, the proposal for an increase in domain prices was submitted in 2018. However, the matter only came to light now because the Internet Corporation for Assigned Names and Numbers (ICANN), a non-profit organisation responsible for coordinating the maintenance and procedures of several databases, is close to granting the final approval for the price hikes.

    As per the proposal, the prices will increase to $13.50 (Rs 2,092).

    Why is The Price Increasing?

    Verisign, an American company that operates a diverse array of network infrastructure, recently signed a deal with the US government, which will allow the company to gradually increase domain prices.

    It is important to understand that price hikes do not come from ICANN. They are actually a result of Verisign reaching an agreement with the Commerce Department, which supervises the ‘.com’ domains.

    In a recent blogpost, ICANN’s CEO Goran Marby said that “the organisation is not a price regulator and defers to the US Department of Commerce and the US Department of Justice for the regulation of pricing for ‘.com’ registry services.”