Govt urged to revisit petroleum pricing mechanism

ABDUL RASHEED AZAD

ISLAMABAD: The heads of oil refineries have requested the government to revisit petroleum prices fixation mechanism, it is learnt.

According to sources in the Petroleum Ministry, the heads of four oil refineries that are Attock Oil Refinery (ARL), Bosicor, National Refinery Ltd (NRL) and Pakistan Refinery Ltd (PRL) in a meeting here on March 15, urged the government to revise current pricing mechanism.

The meeting was chaired by Dr Asim Hussain, the Minister for Petroleum and Natural Resources, to have briefing on the up-gradation of oil refineries.

The Minister directed the relevant officials to finalise the feasibility of refineries up-gradation as early as possible so that POL products in Pakistan could match international standards.

Sources further said the refiners had also informed the Minister that up-gradation would require huge amount of money and it would take three years to complete the process.

Refiners also informed the Minister to revise current margin as it was not possible for them to carry on their business with current margin, saying that in accordance with the decision of Economic Co-ordination Committee (ECC) of the Cabinet, refineries incomes were not increased.