ECC approves revision in premium on diesel, petrol imports

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet here on Friday approved revision in the premium on diesel and petrol imports.

The special meeting of ECC of the Cabinet was held on Friday with Finance Minister Shaukat Tarin in the chair to consider one point agenda.

Petroleum Division submitted a summary on High-Speed Diesel and Gas Oil Premium, which was meant to facilitate and provide a level playing field to oil companies vis-à-vis PSO.

Accordingly, its impact would increase or decrease depending on the international energy market, said a press statement issued by the finance ministry here.

Minister for National Food Security and Research Syed Fakhar Imam, Minister for Privatization Muhammad Mian Soomro, Federal Secretaries and other senior officials attended the meeting.

It is pertinent to mention here that Prime Minister Imran Khan last month announced to cut petroleum prices and power tariff as part of a series of measures to bring some relief to the masses.

He announced a reduction of Rs10/litre in petrol and diesel prices besides bringing down electricity tariff by up to Rs5 per unit. “We have decided not to increase petrol and electricity prices till the next budget,” the prime minister had said while addressing the nation.