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Petroleum product prices likely to rise – Bol News

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Possibility of increase in prices of petroleum products

Possibility of increase in prices of petroleum products

ISLAMABAD: The federal cabinet has approved to increase the margin of oil companies by 63%, which is likely to increase the prices of petroleum products.

The federal cabinet has approved to increase the same margin of oil companies by 63%, which Tehreek-e-Insaf has been protecting the people from the petroleum margin due to inflation.

An increase in OMC margin on petrol and diesel by Rs 2 32 paise per liter has been approved, which may make petrol and diesel at least Rs 2 32 paise more expensive from November 16.

During the Tehreek-e-Insaf period, the oil companies kept demanding to increase the petroleum margin, once the petrol pumps even went on strike due to the demand to increase the margin.

But to save the poor people from the punishment of inflation, the PTI government resisted till the end and increased the petroleum margin by just a few paise.

The current government raised the highest prices of petroleum products in the country’s history and now has surrendered to the oil companies.

Accepting the demand, approval was taken from the federal cabinet through circulation, while the margin of oil companies on diesel and petrol has also been approved by 2 rupees 32 paise per liter.

The OMC margin on petrol has been increased from Rs 3 68 paise to Rs 6 per liter while the OMC margin on diesel has been approved to Rs 6 per liter from Rs 3 68 paise.

The increase will be subject to the financial capacity and the prior approval of the Ministry of Finance, that is, if the Ministry of Finance reduces the levy on petroleum products from somewhere or gives subsidies from somewhere, then the price for consumers cannot increase in terms of margin.

If the finance ministry does not reduce any tax and does not give subsidy, then diesel and petrol can be expensive by Rs 2 32 paise.

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