Amid ongoing speculations about a possible change in petroleum prices, the Oil & Gas Regulatory Authority (OGRA) has submitted a key recommendation regarding petrol price updates. According to media reports, a significant increase in petrol and diesel prices expected from 16 October 2024.
OGRA Recommends Petrol Price Increase
OGRA has proposed an increase of over 8 rupees per liter for petroleum products, citing fluctuations in global oil markets. After receiving the Prime Minister’s approval, the Finance Minister set to release the official notification today, confirming the new prices. The price hike will take effect from 16 October 2024.
Petroleum Dealers Demand Higher Profit Margins
In response to these developments, the Pakistan Petroleum Dealers Association has raised concerns and demands regarding the dealers’ profit margins. The dealers have called for a 100% increase in their margin on petrol and diesel, requesting that it raised from 8 rupees 36 paisa to 17 rupees per liter.
The association has expressed dissatisfaction with OGRA’s recent proposal, which recommended an increase of 1 rupee 35 paisa for dealers’ margins and 1 rupee 40 paisa for oil marketing companies (OMCs). The dealers rejected these figures, stating they are insufficient to cover rising operational costs.
Urgent Letter to OGRA
In an urgent letter addressed to the OGRA Chairman, Abdul Sami Khan, Chairman of the Pakistan Petroleum Dealers Association, emphasized the need for a higher margin of 17 rupees per liter. He clarified that this demand does not account for the costs associated with digitization, which further adds to the burden on dealers.
Final Notification Expected Today
As of now, the final decision on petrol prices will announced once the government approves OGRA’s recommendations. The new prices expected to come into effect from 16 October 2024.
Stay tuned for more updates on the petrol price increase and its impact on consumers across the country.
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