ECC directs Petroleum Division for setting up petroleum prices within a week

August 1, 2022 (MLN): The Economic Coordination Committee (ECC) has directed Petroleum Division to work out options in consultation with OGRA for setting up petroleum product prices within a week, said a press release issued yesterday.

Federal Minister for Finance and Revenue Mr Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division on Sunday.

As per the press release, the Petroleum Division submitted a proposal on the price mechanism of petroleum products, the ECC accepted the proposal to use the average exchange rate for the relevant period rather than the exchange rate of the last day for the current as well as future price determinations.

The ECC also directed Petroleum Division to work out in consultation with OGRA other options of setting up petroleum product prices within a week.

The ECC further directed Petroleum Division to submit a proposal within a week to regulate the prices of Kerosene Oil and Light Diesel Oil after consultation with relevant stakeholders. 

The meeting was attended by Federal Minister for Power Mr Khurram Dastgir Khan, Mr Shahid Khaqan Abbasi – MNA/ex-PM, Minister of State for Petroleum Mr Musadik Masood Malik, Coordinator to the PM on Economy Mr Bial Azhar Kayani, Chairman FBR, Chairman OGRA, Federal Secretaries and senior officers.

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