POL prices to be reviewed on monthly basis

ISLAMABAD: Economic Coordination Committee (ECC) in its meeting Friday approved Petroleum Policy-2009 while profits of dealers and oil marketing companies have also been raised.

The Finance Advisor Shaukat Tarin presided over the ECC meeting which also decided to pay 30 to 60 cents per million British thermal unit to oil exploration companies as royalty during lease period.

New bidding will be undertaken after the expiry of the lease period. In the new bidding, those companies will be given preference which had previous lease.

The profit margins of petroleum dealers have been increased from 4 to 5 percent while those of oil marketing companies from 3.5 to 4 percent.

The ECC also decided to review the prices of petroleum products on monthly basis instead of every 15 days.