This work presents inexpensive inorganic precursor formulations to yield submicron range symmetric ceramic microfiltration (MF) membranes whose average pore sizes were between 0.1 and $0.4{mu}m$. Incidentally, the sintering temperature used in this work was about 800 to $950^{circ}C$ instead of higher sintering temperatures ($1100^{circ}C$) that are usually deployed for membrane fabrication. Thermogravimetric (TGA) and X-Ray diffraction (XRD) analysis were carried out to evaluate the effect of temperature on various phase transformations during sintering process. The effect of sintering temperature on structural integrity of the membrane as well as pore size distribution and average pore size were evaluated using scanning electron microscopy (SEM) analysis. The average pore sizes of the membranes were increased from 0.185 to $0.332{mu}m$ with an increase in sintering temperature from 800 to $950^{circ}C$. However, a subsequent reduction in membrane porosity (from 34.4 to 19.6%) was observed for these membranes. Permeation experiments with both water and air were carried out to evaluate various membrane morphological parameters such as hydraulic pore diameter, hydraulic permeability, air permeance and effective porosity. Later, the membrane prepared with a sintering temperature of $950^{circ}C$ was tested for the treatment of synthetic oily waste water to verify its real time applicability. The membrane exhibited 98.8% oil rejection efficiency and $5.36{ imes}10^{-6};m^3/m^2.s$ permeate flux after 60 minutes of experimental run at 68.95 kPa trans-membrane pressure and 250 mg/L oil concentration. Based on retail and bulk prices of the inorganic precursors, the membrane cost was estimated to be $220 /$m^2$ and $</TEX>1.53 /$m^2$, respectively.