ISLAMABAD: After recent surge in power tariff by Rs1.95 per unit and twice increase in prices of petroleum products in the current month, January, now the government is set to further increase the prices of petrol by Rs1.03 to whopping Rs110.23 per litre and diesel (high speed diesel) by Re0.95 per litre to Rs114.14 per litre.
The Petroleum Division has submitted a summary to the Economic Coordination Committee (ECC), scheduled to meet on Wednesday (today), seeking the raise in margins of oil marketing companies (OMCs) on motor spirit (petrol) by Re0.45 per unit and increase in dealers’ commission margins by Re0.58 per litre. Likewise, the summary also asks for a raise in OMCs margins on high speed diesel by Re0.45 per litre and dealers commission profit by Re0.50 per litre.
According to a copy of the summary submitted to the ECC, the OMCs’ margin on one litre of petrol will increase by Re0.45 per litre to Rs3.26 per litre from existing Rs2.81 per litre, and dealers commission will go up by Rs0.58 per litre to Rs4.28 per litre. Similarly, the OMCs margins on diesel will increase by Re0.45 per litre to Rs3.26 from existing Rs2.81. The dealers’ commission on diesel will also go up by Re0.50 per litre to Rs3.62 per litre from the current Rs3.12 per litre.
The government, earlier on January 16, 2021, increased the petrol prices by Rs3.20 per litre by jacking up its price to Rs109.20 per litre from earlier Rs106 per litre, and diesel by Rs2.95 per litre to Rs113.19 from Rs110.24 per litre.
On January 1, 2021, the government raised the petrol price by Rs2.31 per litre to Rs106 per litre from earlier Rs103.69 per litre. And it also scaled up the diesel price on January 1 to Rs110.24 per litre from the earlier Rs108.44 per litre with an increase of Rs1.80 per litre.