The Economic Coordination Committee (ECC) has decided that fuel prices will be revised every fifteen days.
The ECC meeting was chaired by Finance Minister Dr. Abdul Hafeez Sheikh and changed its policy of evaluating petroleum prices every thirty days to fifteen days. The ECC also approved the tax exemption of Bosicor Oil Refinery for another seven years along with increasing the price of low pressure gas by $2.50 per MMBTU.
On Tuesday, the Oil and Gas Regulatory Authority (OGRA) made a partial reduction in the recent increase in the price of petroleum products following country wide condemnation. The price of petrol was decreased by Rs2.32 after an initial Rs8.02 rise was approved. The price of diesel was also decreased by Rs1.16 after an earlier increase of Rs4.70.