Monthly pricing formula likely to be introduced


Monthly pricing mechanism is likely to be put in place to fix the prices of petroleum products in the country.
Economic Coordination Committee (ECC) may accord approval to fix prices of petroleum products on the basis of monthly pricing formula. Committee is likely to meet today, says finance ministry sources.
The government had revoked the weekly pricing formula in respect of petroleum products following the Supreme Court verdict. OGRA had also voiced its reservation in connection with weekly pricing mechanism as only refineries, oil marketing pundits and hoarders were reaping dividends of this formula.
Possibility is there that the committee may approve monthly pricing formula during its meeting on Tuesday after the mechanism subject to its approval from national assembly.