Islamabad: The Economic Coordination Committee (ECC) of the cabinet on Tuesday decided to revise the prices of petroleum products every two weeks in order to ensure fair competition and align profit margins with international pricing trends — a news source reported. Currently, the prices are updated on a monthly basis.
The move is further expected to reduce volatility and distortions because of differences in purchasing dates of oil marketing companies. The issue required a resolution to smoothly continue the IMF loan programme.
Reportedly, the new mechanism will be implemented from August 1 — after it has been formally approved by the federal cabinet. Another change is also expected to allow refineries to plan three-months in advance.
The ECC will also allow the Habib Bank Limited to upgrade its office in Beijing and turn it into a fully-fledged branch — with remittances worth RMB 300 million in capital having been approved for the purpose.
