ECC approves changes in dealers’ margins on petroleum products

margins on petroleum products
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ISLAMABAD (Kashmir English): The Economic Coordination Committee (ECC) of the cabinet on Friday approved the revision in the profit margin on petroleum products for petroleum dealers, fulfilling long-standing demands of petrol pump owners.

As per the statement, the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, today chaired a meeting of the Cabinet’s Economic Coordination Committee (ECC) at the Finance Division.

“The ECC considered a summary submitted by the Petroleum Division and deliberated on the matter regarding the revision of dealers’ margins on Motor Spirit (MS) and High-Speed Diesel (HSD),” it added.

As per the sources, the committee has approved the increase of Rs 1.34 per liter in dealers’ margin, bringing the total margin from Rs 8.64 per liter to Rs 9.98 per liter.

The meeting was attended by Federal Minister for National Food Security and Research, Rana Tanveer Hussain; Federal Minister for Petroleum, Ali Pervaiz Malik; Federal Minister for Economic Affairs, Ahad Khan Cheema; along with federal secretaries and senior officials from the relevant ministries and divisions.

In a statement, All Pakistan Petrol Pumps Owners Association (APPPOA) Vice Chairman Noman Ali Butt expressed gratitude to the government for resolving the issue of petroleum dealers.

“Thanks to the Prime Minister and Petroleum Minister Ali Pervez Malik. The Prime Minister and the Petroleum Minister have resolved our third issue,” Noman Butt said.

The development came after the Pakistan Petroleum Dealers Association (PPDA) postponed its nationwide strike planned for Saturday, August 15, saying that the Petroleum Minister has assured them of an increase in the profit margin on petroleum products.

During a press conference in Karachi, PPDA Chairman Malik Khuda Baksh said the government has accepted the association’s demand and assured an increase of Rs 1.34 per litre in the dealers’ margin.

Khuda Baksh added that the petroleum minister had spoken to him by telephone for half an hour and assured him that the dealers’ profit margin would be increased.

The association said petrol pumps across the country will remain open on Saturday.

On Wednesday, the PPDA threatened the government over its failure to fulfil promises made by the petroleum minister to resolve their issues, especially the increase in margin to 8 per cent on the retail sale price of petrol.

The association had warned that if the government failed to meet its demands within 72 hours, petrol pumps across the country would shut down indefinitely from 6am on Saturday (August 15) and would not reopen until those demands were met.

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