Thursday, October 6, 2022

Fuel prices to go up as govt gives in to petroleum dealers’ demands

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ISLAMABAD: The prices of petroleum products are likely to go up as Economic Coordination Committee (ECC) on Thursday approved increase in sales and distribution margins of oil marketing companies (OMCs) and petroleum dealers, ARY News reported citing sources.

A well-placed source in the finance ministry told ARY News that ECC meeting presided over by Finance Minister Miftah Ismail here In Islamabad has accepted the demands of petroleum dealers OMCs by rasing their sales margin by Rs7 per litre.

The OMCs and petroleum dealers have been seeking an increase in their sales and distribution margins by around 6 per cent to the premise of increase in the costs of doing business and inflation.

The increase in dealer’s margin will come into effect from August, 1 after approval from federal cabinet, they said.

Also ReadPM Shehbaz Sharif seeks summary to reduce petroleum prices

Sources in the oil sector said with the government accepting the demands of the dealers’ margin and also agreed to enhance the margin of OMCs, the total increase would be part of the prices of petrol and diesel, which meant these products would be become costlier for the end consumers.

It is pertinent to mention here that the incumbent govt. on July 14 announced a reduction of Rs18.50 per litre of petrol and diesel by Rs40.54 per litre.

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