The Economic Coordination Committee (ECC) of the federal cabinet has approved an increase in the profit margins of oil marketing companies (OMCs) and dealers.
According to details, the ECC has increased the profit margin on petrol for OMCs by Rs. 0.17 per liter to Rs. 2.98.
For dealers, the profit margin on petrol has been increased by Rs. 0.22 per liter to Rs. 3.92.
Moreover, the ECC has increased the profit margin on diesel for OMCs by Rs. 0.17 per liter to Rs. 2.98. For dealers, the profit margin on diesel has been increased by Rs. 0.19 per liter to Rs. 3.31.
During the ECC meeting, Special Advisor to the Prime Minister (SAPM) on Petroleum, Nadeem Babar, also alleged that 58 licensed Oil Marketing Companies (OMCs) are involved in smuggling and requested the federal government to launch an inquiry against them.
The SAPM on Petroleum said that only 8 out of the total 66 licensed OMCs account for 92% share of the local oil market, adding that the federal government should start an investigation against the remaining 58 OMCs as they might be keeping themselves afloat through smuggling.