The Oil and Gas Regulatory Authority (OGRA) is the statutory body mandated to regulate the midstream and downstream petroleum sector, ensuring market competition and consumer protection, which is central to national energy governance.
Consider the following statements about the fuel price update of July 2026:
1. The new fuel prices became applicable on July 22, 2026.
2. The price of petrol was increased by a higher margin than the price of high-speed diesel.
3. The government cited renewed regional hostilities in the Persian Gulf as a reason for the price hike.
Which of the statements given above is/are correct?
Statement 1 is correct as the notification specified July 22 as the effective date. Statement 3 is correct as the government cited Persian Gulf hostilities. Statement 2 is incorrect because petrol increased by Rs4.93, which is less than the Rs7.15 increase for diesel. [Source: https://www.dawn.com/news/2017311/govt-increases-petrol-price-by-rs493-diesel-by-rs715-per-litre, 21 Jul 2026]
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Which institution is primarily responsible for the parliamentary oversight of public expenditure and ensuring financial accountability of government departments in Pakistan?
The Public Accounts Committee is a parliamentary body tasked with the examination of the accounts showing the appropriation of sums granted by the National Assembly for the expenditure of the Government, ensuring fiscal governance.
Contractionary fiscal policy involves decreasing government expenditures or increasing taxes to slow down economic growth and reduce fiscal imbalances.
In the context of economic stabilization, which policy measure is typically associated with 'austerity' as prescribed by international financial institutions?
Austerity measures in economic stabilization programs involve cutting government spending and increasing tax revenue to reduce fiscal deficits and stabilize national debt levels.
The Federal Board of Revenue (FBR) is the apex federal agency tasked with the administration of fiscal policy, tax collection, and the enforcement of revenue-related legislation within the constitutional framework of Pakistan.
Safeguard measures are temporary trade restrictions imposed under WTO rules to protect a domestic industry from a sudden, unforeseen, and significant increase in imports that causes serious injury.
According to the Constitution of Pakistan, the power of the purse and the authority to approve the federal budget reside with the National Assembly, ensuring legislative oversight of fiscal policy.
IMF stabilization programs are designed to restore macroeconomic stability by addressing balance of payments imbalances through fiscal consolidation, monetary policy reform, and structural adjustments.
The Dispute Settlement Body (DSB) is the central mechanism within the WTO framework for adjudicating trade conflicts and ensuring compliance with international trade agreements.
