On September 15, Pakistan is expected to see another increase in petrol and diesel prices as the Economic Coordination Committee (ECC) has approved an increase in the profit margin for petroleum dealers and oil marketing companies (OMCs). The caretaker government has decided to raise the profit margin for petrol and diesel by Rs3.5 per liter.
During a meeting led by Caretaker Finance Minister Shamshad Akhtar, the ECC made this decision. Specifically, the committee agreed to increase the profit margin for OMCs by Rs1.87 per liter in the first phase, starting on September 15. Additionally, a Rs1.64 margin increase was approved for petrol and diesel dealers, with the first phase implementing a Rs0.41 per liter hike for dealers on the same date.
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The ECC also approved the creation of a restructuring plan for Pakistan International Airlines (PIA), the national flag carrier, but rejected a Rs1.3 billion grant request for the airline. PIA had requested a delay in payments to the Federal Board of Revenue (FBR), and the committee directed the State Bank of Pakistan (SBP) and the finance ministry to assist PIA in devising its financial restructuring plan.
Furthermore, the ECC approved a supplementary grant of Rs40 billion for the defense ministry.
These increases come after multiple hikes in petrol and diesel prices in recent months, with the latest adjustment in prices occurring on August 31. The rising fuel prices have been a cause for concern among the public.
