The price of petrol and diesel is expected to rise again on 15 September after the Economic Coordination Committee (ECC) agreed to raise the profit margins of petroleum dealers and oil marketing corporations (OMCs).
The interim government authorised increasing the fuel and diesel sale margins by Rs3.5 per litre.
The decision was made today at the Economic Coordination Committee (ECC) meeting, which was chaired by Caretaker Finance Minister Shamshad Akhtar. The committee recommended raising the petrol and diesel selling margins for OMCs and dealers.
For OMCs, the fuel and diesel margins will be increased by Rs1.87 per litre. On September 15, the sale margin for OMCs will be enhanced by Rs0.47 per litre in the first phase.
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Furthermore, a Rs1.64 margin increase for petrol and diesel traders was permitted. However, the margin increase will be phased in. On September 15, a Rs0.41 per litre increase will be introduced for dealers in the first phase.
In addition, the ECC approved an outline of a reorganisation plan for Pakistan International Airlines (PIA), the country’s flag airline. The report for a Rs1.3 billion grant for the national airline was denied by the committee.
It is worth noting that the PIA requested that payments to the Federal Board of Revenue (FBR) be deferred.
The committee charged the State Bank of Pakistan (SBP) and the finance minister with assisting the national airline in developing a financial restructuring strategy.
The ECC authorised an additional grant of Rs40 billion for the defence ministry.
The caretaker government raised the price of petrol by Rs14.9 per litre on August 31.
The price of petrol increased by Rs 14.9 per litre to Rs305.36 a litre.
Meanwhile, the price of high-speed diesel (HSD) has risen by Rs18.44 per litre to Rs311.84 per litre.
Petrol prices were raised by Rs17.50 per litre to Rs290.45 on August 16, while high-speed diesel prices were hiked to Rs293.40. Prior to this, on August 1, the then-federal government increased the price of petrol by Rs19.95 a litre.
