ISLAMABAD: Economic Coordination Committee of the Cabinet has set up a body to explore various call options for hedging prices for the petroleum products imported by Pakistan.

The meeting was held in Islamabad today with Finance Adviser Dr. Abdul Hafeez Shaikh in the chair.

The Committee will be headed by Special Assistant to Prime Minister for Petroleum Nadeem Babar with representation from SBP, PSO, Finance Division and Petroleum Division.

The Economic Coordination Committee also discussed the reported shortage of petrol in some cities and asked the Ministry of Energy, Competition Commission of Pakistan and the OGRA to ensure the requisite stocks are maintained.

The ECC asked the Finance Division to release twenty-three billion rupees to the IPPs while the issue of remaining payments would be resolved by all the stakeholders within one week.