The federal government has surrendered before oil marketing companies and the profit margin on petrol and diesel for the oil marketing companies (OMCs) was increased up to Rs6 per litre after an increase of Rs2.32.
The PML-N government and its allies have been taking continuous relief measures for the powerful segments of the country and now the federal government has shown generosity to the oil marketing companies and increased their margins by more than 63%.
According to the document received by News360, the Federal Government’s Economic Coordination Committee has given in-principle approval to increase the profit margin on petrol and diesel for oil marketing companies.
According to the document obtained by News360, the margin of oil marketing companies on petrol has been increased from Rs3.38 per litre to Rs 6 per litre. Thus, the margin on petrol has been increased by 2.32 per litre and its rate has increased by 63.04 per cent.
The margin for diesel has also been boosted for oil marketing companies.
The profit margin per litre on diesel has been increased from Rs3.68 per litre to Rs 6 per litre. Thus, the profit margin for oil marketing companies on diesel has increased by Rs2.32 per litre and the rate has also increased by 63.04%.
The increase in margin for oil marketing companies will be applied by the government of Pakistan after looking at its financial capacity. It is pertinent to mention here that the oil marketing companies had asked the government for a profit margin of Rs8.85 per litre on petrol and diesel.
The government has increased the price by Rs 2.85 less than the oil marketing companies’ demand, but still, it has increased by more than 63 per cent.
Oil marketing companies were of the view that the cost of doing business in the country is continuously increasing and hence a margin of Rs 8.85 paise per litre was demanded.