{"id":66168,"date":"2020-06-04T11:44:54","date_gmt":"2020-06-04T06:44:54","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=66168"},"modified":"2020-06-04T11:45:11","modified_gmt":"2020-06-04T06:45:11","slug":"further-drop-in-oil-prices-expected-ecc-to-review-proposal","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/further-drop-in-oil-prices-expected-ecc-to-review-proposal.html","title":{"rendered":"Further drop in oil prices expected; ECC to review proposal"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Islamabad: The Economic Coordination Committee (ECC) is scheduled to take up an 11-point agenda, including a summary from the<a href=\"https:\/\/www.zameen.com\/news\/petroleum-division-submit-pakistans-first-ever-oil-hedging-plan-before-ecc.html\" target=\"_blank\" rel=\"noreferrer noopener\"> Petroleum Division<\/a> that seeks permission to initiate the process of hedging the prices of 15% of imported petroleum products in Pakistan, through the use of the \u2018call option\u2019 financial instrument today, according to news sources.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/ecc-approves-pkr-50bn-package-agriculture-sector.html\" target=\"_blank\" rel=\"noreferrer noopener\">ECC approves PKR 50bn package for agriculture sector<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The meeting will review summaries submitted by various ministries, including the summary titled \u201cHedging prices for petroleum products being imported\u201d submitted by the Petroleum Division.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/ecc-approval-smes-planned-package-1-relief-offer-expected-today.html\" target=\"_blank\" rel=\"noreferrer noopener\">ECC approval on SMEs\u2019 planned package 1 relief offer expected today<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to an official from the petroleum ministry, if the ECC approves their summary, the benefits will be reaped by the ordinary citizens from stable and cheaper petrol prices. As per the proposal, the ministry is asking to hedge the prices of 15% of the imported petroleum products from a total annual import of 68 million barrels\u2019 oil \u2013 for as long as two years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The government is expected to use the financial instrument of \u2018call option\u2019 for 15 million barrels of oil \u2013 for a duration of one or two years. A call option provides the buyer with an opportunity to hedge against the spiking prices for a defined volume and duration.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Economic Coordination Committee (ECC) is scheduled to take up an 11-point agenda, including a summary from the Petroleum Division that seeks permission to initiate the process of hedging the prices of 15% of imported petroleum products in Pakistan, through the use of the \u2018call option\u2019 financial instrument today, according to news sources. Read: ECC approves PKR 50bn package for agriculture sector The meeting will review summaries submitted by various ministries, including the summary titled \u201cHedging prices for petroleum products being imported\u201d submitted by the Petroleum Division. Read: ECC approval on SMEs\u2019 planned package 1 relief offer expected today According to an official from the petroleum ministry, if the ECC approves their summary, the benefits will be reaped by the ordinary citizens from stable and cheaper petrol prices. As per the proposal, the ministry is asking to hedge the prices of 15% of the imported petroleum products from a total annual import of 68 million barrels\u2019 oil \u2013 for as long as two years. The government is expected to use the financial instrument of \u2018call option\u2019 for 15 million barrels of oil \u2013 for a duration of one or two years. A call option provides the buyer with an&hellip;<\/p>\n","protected":false},"author":75,"featured_media":64402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012,15016],"tags":[21953,30808,30809],"persona":[],"class_list":["post-66168","post","type-post","status-publish","format-standard","has-post-thumbnail","category-allied-industries","category-new-developments","tag-economic-coordination-committee-ecc","tag-hedging-prices-for-petroleum-products","tag-imported-petroleum-products","cat-15012-id","cat-15016-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Drop in oil prices expected; ECC to review proposal - Zameen News<\/title>\n<meta name=\"description\" content=\"ECC is scheduled to take up a summary from the Petroleum Division that seeks permission to initia hedging the prices of 15% of imported petroleum products\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/further-drop-in-oil-prices-expected-ecc-to-review-proposal.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Drop in oil prices expected; 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