On Sep 15: Petrol and diesel prices are likely to increase again

ISLAMABAD: As the Economic Coordination Committee (ECC) approved raising the margin of petroleum dealers and oil marketing companies (OMCs), the private news channel reported on Wednesday that the prices of petrol and diesel is expected to increase once more on September 15.

The sale margin for gasoline and diesel will increase by Rs3.5 per litre, as allowed by the caretaker government.

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The decision was made today during a meeting of the Economic Coordination Committee (ECC), which was presided over by interim finance minister Shamshad Akhtar. The committee approved raising the margin for dealers and OMCs who sell gasoline and diesel.

The margin for gasoline and diesel for OMCs would be raised by Rs1.87 per litre. On September 15, the sale margin for OMCs will be raised by Rs0.47 per litre in the initial phase.

Additionally, a margin increase of Rs. 64 was granted for the sellers of gasoline and diesel. The margin increase will, however, be introduced gradually. On September 15, dealers will be subject to a Rs0.41 per litre price increase as part of the first phase.

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The ECC also authorized a brief to develop a restructuring strategy for Pakistan International Airlines (PIA), the country’s flag airline. The report for a Rs1.3 billion grant for the national airline was denied by the committee.

It is important to note that the PIA asked for payments to the Federal Board of Revenue (FBR) to be delayed.

The committee instructed the finance minister and the State Bank of Pakistan (SBP) to help the national airline create its financial restructuring plan.

A Rs. 40 billion supplemental allocation for the defense ministry was authorized by the ECC.

The caretaker government raised the cost of gasoline by Rs14.9 per litre on August 31.

With an increase of Rs 14.9 per litre, the price of gasoline rose to Rs305.36 per litre.

High-speed diesel (HSD) is now available at Rs311.84 per litre after an increase of Rs18.44.

The price of gasoline increased on August 16 by Rs17.50 per litre to Rs290.45, while the price of high-speed diesel jumped to Rs293.40. Prior to this, on August 1, the federal government had raised the cost of gasoline by Rs19.95 a litre.