ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved an increase of Rs1.34 per litre in petroleum dealers’ margin, raising it to Rs9.98 per litre from Rs8.64.
The ECC meeting, chaired by Finance Minister Senator Muhammad Aurangzeb, considered a summary submitted by the Petroleum Division and held detailed deliberations on revising dealers’ margins on Motor Spirit (MS) and High-Speed Diesel (HSD), according to a statement issued by the Finance Ministry.
Following the ECC’s approval, the dealers’ margin has been increased by Rs1.34 per litre to Rs9.98 from the previous Rs8.64 per litre.
The vice chairman of the All Pakistan Petrol Pump Owners Association confirmed the increase and thanked Prime Minister Shehbaz Sharif and Petroleum Minister Ali Pervaiz Malik.
The petroleum dealers’ association had announced an indefinite nationwide strike from August 15 but later postponed it following assurances from the government.
In a social media statement, the association attributed the increase in dealers’ margin to its “strike threat”.
According to the association, following tense negotiations in Islamabad a day earlier, the petroleum minister contacted association chairman Malik Khuda Bakhsh by telephone and informed him that the prime minister had approved a Rs1.34-per-litre increase in dealers’ margin.
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The association said a new summary had also been sent to the prime minister regarding daily revisions in petroleum product prices. It said that, following an easing of the war situation in the Middle East, petroleum prices could again be determined at intervals of seven or 15 days.
According to the association president, a joint committee has also been constituted to examine dealers’ demand for an eight per cent margin and will submit its report within 30 days.
“We have postponed Saturday’s strike on the government’s assurances and will continue our protest until all our demands are accepted,” the association president said.
Federal Minister for National Food Security and Research Rana Tanveer Hussain, Petroleum Minister Ali Pervaiz Malik and Economic Affairs Minister Ahad Khan Cheema attended the ECC meeting, along with federal secretaries and senior officials of the relevant ministries and divisions.
