Petrol price likely go up by Rs10

 As the Economic Coordination Committee (ECC) on Thursday approved an increase in the sales and distribution margins of oil marketing companies (OMCs) and petroleum dealers, the price of petroleum products is expected to increase by upto Rs10.

According to sources, the government plans to increase levy by Rs10 in the petroleum products after which the levy imposed on petrol is likely to be increased by Rs10 to Rs20 while on diesel it is likely to be increased by Rs5 to Rs10.

The levy and margin could be added after the OGRA summary, the government has increased the margin on petrol and diesel to Rs7 per litre.

It is pertinent to mention here that the International Monetary Fund (IMF) had imposed a condition to increase the levy in August, the final decision on the increase in the prices of petroleum products will be taken on July 31.

On Thursday, the Economic Coordination Committee (ECC) of the Cabinet approved the proposal to fix dealers margin at Rs7.00/liter for Motor Spirit (MS) and High Speed Diesel (HSD).

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division.

During the meeting, the Petroleum Division submitted a summary on revision of OMCs and dealers margins on petroleum products.

It was informed that the existing margins were fixed in December, 2021 and Pakistan Petroleum Dealers Association has approached the government for immediate revision of their margins due to inflation, increase in tariff salaries and utility bills, etc.