ISLAMABAD - The Economic Coordination Committee (ECC) of the cabinet in its upcoming meeting is likely to end ‘controversial’ weekly oil pricing mechanism by approving to switch back to old monthly oil pricing mechanism, it was reliably been learnt on Sunday. The next meeting scheduled to be held on Tuesday is reliably give go head to the ministry of petroleum and natural resources (MPNR) to revert to a monthly oil pricing mechanism by giving end to a mechanism (weekly oil pricing) which was opposed by Ogra and finance ministry but their concerns were not addressed. However, the regulator repeatedly raised an objection on the weekly price review mechanism by saying “the weekly price review was being exploited by refineries, oil marketing companies and hoarders”. Desperately striving hard to ensure imposition of weekly or fortnightly determination of oil pricing in future across the country, the MPNR, however, is going to table this summary before the ECC unwillingly, sources added. Earlier, the MPNR and Ogra were found at loggerheads over oil pricing mechanism of petroleum products as the ministry in a summary dispatched to the Cabinet Division had not clearly recommended to set monthly mechanism by leaving the matter on ECC’s disposal. Finding no other option the Ogra in a letter sent to the ECC had recommended monthly oil pricing mechanism in the country and strongly opposed the weekly oil pricing mechanism. The regulator in its letter written to the ECC has categorically opposed the weekly oil pricing mechanism and aware the highest economic forum of the country about its effects.It is pertinent to mention here that last week the Cabinet Division while raising serious objections on a summary of price determination of petroleum products had sent it back to the Ministry of Petroleum & Natural Resources (MPNR), which was originally dispatched for the ECC approval. In the summary, the MPNR ostensibly adopted that the economic coordination committee (ECC) of the cabinet itself should decide when to determine the prices of petroleum products despite the fact that the MP&NR is bound to propose the prices of the products.Sources were of the view that finding the unanimous adoption of a resolution by the National Assembly to switch to the old oil pricing mechanism and persistent recommendations of the National Assembly Standing Committee on Petroleum and Natural Resources, which is entrusted with credible task of monitoring the entire affairs of the MPNR and the Oil and Gas Regulatory Authority (Ogra) as well to switch to the old oil pricing mechanism the government had found them as  stumbling blocks to go with weekly price review mechanism in the country.