{"id":68677,"date":"2020-07-29T15:40:00","date_gmt":"2020-07-29T10:40:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=68677"},"modified":"2020-07-29T15:40:01","modified_gmt":"2020-07-29T10:40:01","slug":"govt-revise-oil-prices-every-2-weeks-ensure-fair-competition","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-revise-oil-prices-every-2-weeks-ensure-fair-competition.html","title":{"rendered":"Govt to revise oil prices every 2 weeks to ensure fair competition"},"content":{"rendered":"\n<p>Islamabad: The Economic Coordination Committee (ECC) of the cabinet on Tuesday decided to revise the prices of petroleum products every two weeks in order to ensure fair competition and align profit margins with international pricing trends \u2014 a news source reported. Currently, the prices are updated on a monthly basis.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/pm-directs-for-ensuring-oil-price-reductions-serve-to-benefit-common-citizens.html\" target=\"_blank\" rel=\"noreferrer noopener\">PM directs for ensuring oil price reductions serve to benefit common citizens<\/a><\/p>\n\n\n\n<p>The move is further expected to reduce volatility and distortions because of differences in purchasing dates of oil marketing companies. The issue required a resolution to smoothly continue the IMF loan programme.<\/p>\n\n\n\n<p>Reportedly, the new mechanism will be implemented from August 1 \u2014 after it has been formally approved by the federal cabinet. Another change is also expected to allow refineries to plan three-months in advance.<\/p>\n\n\n\n<p>The ECC will also allow the Habib Bank Limited to upgrade its office in Beijing and turn it into a fully-fledged branch \u2014 with remittances worth RMB 300 million in capital having been approved for the purpose.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/artificial-oil-shortage-ogra-fines-6-companies-over-hoarding.html\" target=\"_blank\" rel=\"noreferrer noopener\">Artificial Oil Shortage: OGRA fines 6 companies over hoarding<\/a><\/p>\n\n\n\n<p>Additionally, the committee also approved a supplementary grant worth PKR 340 million for the development of the Swat Motorway.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Economic Coordination Committee (ECC) of the cabinet on Tuesday decided to revise the prices of petroleum products every two weeks in order to ensure fair competition and align profit margins with international pricing trends \u2014 a news source reported. Currently, the prices are updated on a monthly basis. Read: PM directs for ensuring oil price reductions serve to benefit common citizens The move is further expected to reduce volatility and distortions because of differences in purchasing dates of oil marketing companies. The issue required a resolution to smoothly continue the IMF loan programme. Reportedly, the new mechanism will be implemented from August 1 \u2014 after it has been formally approved by the federal cabinet. Another change is also expected to allow refineries to plan three-months in advance. The ECC will also allow the Habib Bank Limited to upgrade its office in Beijing and turn it into a fully-fledged branch \u2014 with remittances worth RMB 300 million in capital having been approved for the purpose. Read: Artificial Oil Shortage: OGRA fines 6 companies over hoarding Additionally, the committee also approved a supplementary grant worth PKR 340 million for the development of the Swat Motorway.<\/p>\n","protected":false},"author":57,"featured_media":64402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012],"tags":[35937],"persona":[],"class_list":{"0":"post-68677","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"tag-oil-prices","9":"cat-15012-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt to revise oil prices every 2 weeks for fair competition - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Economic Coordination Committee (ECC) of the cabinet on Tuesday decided to revise the prices of petroleum products every two weeks in order to ensure fair competition and align profit margins with international pricing trends \u2014 a news source reported.\" \/>\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\/govt-revise-oil-prices-every-2-weeks-ensure-fair-competition.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt to revise oil prices every 2 weeks for fair competition - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Economic Coordination Committee (ECC) of the cabinet on Tuesday decided to revise the prices of petroleum products every two weeks in order to ensure fair competition and align profit margins with international pricing trends \u2014 a news source reported.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-revise-oil-prices-every-2-weeks-ensure-fair-competition.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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