PM rejects new oil price proposal

PM rejects new oil price proposal

Prime Minister Shehbaz Sharif has rejected a proposed new oil pricing formula, addressing deep concerns among the entire oil industry, which has warned of a massive fuel crisis if the revised framework is adopted. Former petroleum minister Musaddiq Malik had proposed an oil inventory cost-based formula, which was turned down by the oil industry. Sources told The Express Tribune that PM Sharif in a meeting held on Tuesday directed the ex-petroleu…