The Ministry of Petroleum and Natural Resources has decided to fix petroleum product prices after every fortnight, it is learnt. According to a circular issued to relevant departments, the ministry said that petroleum product prices in the international markets are increasing rapidly for which fixation of POL prices twice a month has become inevitable.
Dr Asim Hussain, Special Advisor to the Prime Minister has approved the summary, which would be sent to the Economic Committee of the Cabinet (ECC) for final approval. According to sources, fixation of POL prices after 15 days would cause serious loss to the industrial sector and jack up inflation, which is already in double digits. In 2009 Dr Asim Hussain had announced fixation of petroleum prices after 30 days.
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