Bhagwandas Report – Oil companies given free-hand to fix Oil Prices

Many in Pakistan may have already glanced through this front page story in Dawn, I feel this is a very valuable piece of information to keep in mind when we try to understand the oil-scam in Pakistan.

In 2001 an Oil Companies Advisory Commission comprising of all oil companies in Pakistan under the watchful eye of DG (Oil) showed up only three times of the 114 meetings held from 2001-2006. The DG (Oil) was entrusted with the responsibility to manage, ensure and monitor the demand and supply of petroleum products throughout the country but due to negligence the ministry used to faithfully accept and notify whatever calculations were done by OCAC. The 74-page Bhangwandas report noted that since members of the OCAC were direct beneficiaries of oil business and, therefore, could not be expected to perform their functions in isolation of their self-interest. “It would be highly inconceivable to expect that persons having direct interest in the outcome of an exercise would be oblivious of their personal interest and act freely and independently in the larger consumer interest’

Its interesting that the Ministry left all the decision making at the wisdom of the stake holders themselves accepting their decisions which naturally must have ensured profitability outweighing Pakistani-consumer interest. I believe the more we hack away at this issue we will slowly continue to stumble across larger gaping holes in how these oil companies may have minted millions from the fluctuating international prices with little respite to the local consumer through the entire roller coaster from $145 a barrel to $60 a barrel now. [REQ: to better understand the trends of Pakistani oil prices I would like to issue an open request if someone can share a graphic displaying the price fluctuation of international crude oil prices vs the Pakistani local price]

5 thoughts on “Bhagwandas Report – Oil companies given free-hand to fix Oil Prices”

  1. I've wrote one article on the world most conflict issue none but God and Mammon
    http://karachi-kool.blogspot.com/2009/07/god-and-

    It is must read article for all of those who have a little divine spark working in their hearts and it didn't dark fully yet. They can Shine The Light by reading with understanding otherwise Ultimate Doom is coming for all of us.

    In my previous article Tyranny of USury. where khatmal came and gave comment that i copy from World bank. I wanna tell him that my intention was;

    "Sood khoro ki kahani un ki apni zabani"

    Thats why i extract my few lines from WB website. I could have wrote myself on this but I rather chose their own words to describe financial crises aka False sense and Bad policy.

    Msg is to give ye idea and its malignant consequences in the light of Islam and Hadith. Thats what i tried in this article.
    http://karachi-kool.blogspot.com/2009/07/tyranny-

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