Petrol prices to be reviewed every 15 days instead of every month

The Economic Coordination Committee (ECC) on Tuesday approved Petroleum Division’s proposal to review the prices of petroleum products every 15 days.

The meeting chaired by Adviser to Prime Minister on Finance Abdul Hafeez Shaikh approved the proposal to review the prices of petroleum products every 15 days instead of every month. The Petroleum Division had proposed that review of prices every 15 days would make the pricing mechanism more transparent, improve the margin of oil marketing companies and make it possible for the government to provide relief to people earlier than before. The new pricing mechanism will also help make an estimate of the oil reserves in the country, the Petroleum Division said.

The ECC approved the government’s proposal to import 300,000 metric tons of sugar through the Trading Corporation of Pakistan (TCP). A committee has been set up to decide modalities for sugar import.

In another development, the ECC approved the government’s decision to upgrade the Habib Bank branch in Beijing and increase the volume of remittances.

On this occasion, the ECC exempted the Swiss Development Agency from re-landing policy so that it can effectively fight the coronavirus pandemic in Pakistan. The exemption was given on the recommendation of the minister for climate change.

Also, the ECC approved a Rs40 million supplementary grant for the Swat Motorway. The meeting also allowed public and private companies to use the LNG Terminal.