ECC approves to increase petroleum dealers’ margin to Rs7/ litre

ISLAMABAD: The Economic Coordination Committee (ECC) has approved to increase petroleum dealers’ margin to Rs7 a litre, Bol news channel reported quoting sources.

The ECC meeting was presided by Finance Minister Miftah Ismail.

The federal cabinet will give the final approval regarding enhancing dealers’ margin, the sources said adding that the government had acceded to the oil marketing companies and petroleum dealers. The newly fixed dealers margin is likely to be implemented from August 1, they added.

The sources said increase in dealers’ margin will also increase the prices of petroleum products.

Earlier, dealers margin on petrol was Rs 4.90. Dealers margin on high speed diesel was Rs 4.13.

The sources said the government has decided to increase margin of oil marketing companies on petrol and diesel by Rs3.32 a litre.

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Petrol Price in Pakistan: PM announces to cut petrol price by Rs18.50/ litre

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday announced to massively slash petrol...

On July 14, Prime Minister Shehbaz Sharif had announced to massively slash petrol and diesel prices by Rs18.50 and Rs40.54 a litre respectively.

The new rates would be applicable from 12:00 am tonight.

Addressing the nation on state TV, PTV, Shehbaz Sharif had said, “When we came into power, the economy was ruined, petrol prices had sky-rocketed and inflation was on its peak. The previous government laid landmines for us.

“The trap was set to create difficulties for the incoming government. The previous government struck deals with the International Monetary Fund (IMF) on the most severe terms.”

He had said this way the last government had committed a criminal negligence. He had said the Pakistan Tehreek e Insaf (PTI) government’s decisions had coerced the coalition government to raise petrol prices, as it was left with no other choice.

“Now that the oil prices are fast falling in the international market and a deal has been struck with the IMF, after a long struggle, we have also decided to slash petrol price,” he had said announcing the new prices of petroleum products.

The prime minister had given credit to Finance Minister Miftah Ismail and his team for successfully reaching an agreement with the IMF.