The government has announced a steep increase in petrol and diesel prices, with petrol prices rising by Rs26.2, setting the new rate at Rs331.38 per litre. In addition, diesel witnessed a surge of Rs17.34, elevating the price to Rs329.18 per litre.
Just a week ago, the Economic Coordination Committee (ECC) approved the augmentation of the profit margins for both petroleum dealers and oil marketing companies (OMCs). This recent adjustment, approved by the interim government, signifies an increase of Rs3.5 per litre in the sales margin on both petrol and diesel.
This resolution was reached during a meeting orchestrated earlier in the month by the Caretaker Finance Minister, Shamshad Akhtar. During this session, the committee endorsed the rise in sale margins for OMCs and dealers, a strategy aligning with the government’s contemplation to adjust petroleum prices in response to the escalating global commodity prices.
Anticipations and Adjustments in Oil Prices
The Oil and Gas Regulatory Authority (OGRA) is slated to unveil the new pricing structure on September 15, a decision influenced by the fluctuating average international crude oil prices. It’s worth noting that this isn’t the first instance of such an increase, as seen on September 1 when the transitional government escalated the petrol price by Rs 14.9 per litre.
This previous adjustment catapulted the petrol cost to Rs305.36 per litre, representing an increment of Rs 14.9 per litre. Concurrently, the high-speed diesel (HSD) rate was amplified by Rs18.44 per litre, reaching Rs311.84 per litre.
