ISLAMABAD - The Economic Coordination Committee (ECC) of the Cabinet is likely to grant its approval today (Tuesday) over a summary of Ministry of Petroleum and Natural Resources (MPNR) seeking fortnightly determination of the prices of Petroleum Oil and Lubricant (POL) products in the country.According to informed circles, today’s ECC meeting is likely to take up the summaries submitted by Water and Power Ministry and the Petroleum Ministry for final approval on gas allocation of OGDCL dormant fields, new gas allocation, establishment of a branch office of National Bank of Pakistan (NBP) in Tajikistan. The meeting of ECC is also expected to approve a debt-swap arrangement under which the government will issue Rs70 billion worth of Term Finance Certificates (TFCs) to provide Rs18 billion to Independent Power Producers (IPPs) and remaining Rs62 billion to Pakistan State Oil and other fuel suppliers to ease fuel shortage. Similarly, an approval from the ECC is possible on major amendments in agreement inked in accordance with the Power Policy of 1994 and 2000 as well with the IPPs pertaining payments against the plant capacity. Sources further informed that at present the IPPs are getting payments against capacity of the power plant. However, if the capacity of a plant was 100MW then the IPP was bound to produce 100MW and in case of low production, the IPP was to face penalty in accordance with the agreement earlier signed between the IPPs and the government. Usually the government does not pay full payments to the IPPs resultantly the IPPs faced penalties so this time major amendments are sought from the ECC, sources said. Further, Power Ministry in its summary has sought full capacity payments for the IPP no matter if the plant is far behind its targeted electric power production and again consumers are to bear the brunt by paying amount in accordance with full capacity of plant of IPP on the line of Rental Power Projects (RPPs). It is also to be noted here that though Oil and Gas Regulatory Authority (Ogra) and Finance Ministry has so far outrightly opposed 15-day oil pricing whenever sought by the ministry, yet the MPNR while leaving no stone unturned to fulfil the benefits of influential owners of refineries and oil marketing companies (OMCs) at the cost of over-burdened consumers already bearing heavy brunt of sky high prices of POL products has forwarded the summary to the ECC third time for final nod.