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ISLAMABAD: The oil refining industry is operating on negative returns on equity because of volatility in international crude oil prices, said Petroleum Division. The division made the disclosure in a presentation submitted to the Cabinet Committee on Energy (CCOE). The committee will take up for review the draft of Refining Policy 2021 on Thursday (December 16). The Petroleum Division presented a comparison of the return on equity for oil refineries and other sectors like hydrocarbon exploration, fertiliser, auto and power. Tractor, fertiliser and exploration companies are getting higher rates of return on equity.