Weekly oil pricing mechanism to stay

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• Oil firms assured of import premium-based pricing to minimise losses

• OMCs warn repeated revisions discouraging foreign investment

ISLAMABAD: The Petroleum Division of the Ministry of Energy on Tuesday assured angered executives of oil-marketing companies (OMCs) and refineries that upcoming price adjustments would be based on actual import premiums, while the weekly pricing mechanism would continue to minimise losses caused by recent policy changes.

At a hurriedly called meeting, Petroleum Minister Ali Pervaiz Malik and Secretary Hamed Yaqoob Shaikh told CEOs of several OMCs and refineries that there would be no further changes to the weekly pricing mechanism in the near future.