KARACHI, Sept 17: The Oil Companies Advisory Committee (OCAC) on Tuesday failed to revise petroleum prices for the third consecutive day.

The OCAC statement issued here just reads: “The price announcement would not be made today.”

Like past practice, no reasons have been given as to why the price revision had been put on hold for the third day in a row.

The meeting of the OCAC representatives, held for more than four hours on Tuesday, could not take any decision on the price formula. The officials of OCAC as well as OMCs declined to give any cogent reasons for delay in announcing the prices — diesel and other petroleum products.

The market sources said the Ministry of Oil was continuously pressuring the OMCs not to increase the domestic oil prices following the surge in international oil prices. Analysts say that if the government is really keen to keep prices at the current level in wake of rising international oil prices for the benefit of consumers it should devise some sustainable solution.

The petroleum development levy (PDL), which the government usually increases at the time of revenue shortfall, can now be curtailed in order to offset the impact of global oil price hike, they said, adding the government should come out with a solution otherwise consumers may receive a severe jerk whenever oil prices are allowed to be revised freely.