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ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet has approved enhancement of 71 paisas in the existing margin of oil marketing companies for motor spirit and high speed diesel, whereas, 99 paisas for dealers’ margin for petrol and 83 paisas for HSD.

The Pakistan Petroleum Dealers Association had called off its strike on November 25 after an understanding with the Petroleum Division’s proposal for enhancement of 99 paisas in the existing margin of petrol i.e., PKR 3.91/liter and 83 paisas in the existing margin of HSD, i.e., PKR 3.30/liter.

The proposal for 25 percent increase in the margin of dealers will cover all delays in the revision of margin in the past and would also help dealers in mitigating the impact of inflation.

Now the ECC meeting presided over by Omar Ayub Khan, Federal Minister for Economic Affairs on Wednesday discussed in detail and approved the proposal submitted by the Ministry of Energy for increase of OMC’s and dealers’ margins for motor spirit (MS) and high speed diesel (HSD) with effect from the forthcoming revision in oil prices.

The ECC also approved the Poverty Alleviation and Social Safety Division proposal for inclusion of beneficiaries of Ehsaas Kafalat Program with proxy mean test (PMT) score between 29.01 to 37 under the recent NSER survey in Ehsaas emergency cash -2 Program.

Petroleum dealers demand Rs6/litre raise in margin

These beneficiaries are proposed to be provided one-time emergency cash assistance of Rs12,000 per beneficiary on first come, first served basis.

This support would help to mitigate socioeconomic impact on poor and vulnerable segments of the society amid COVID-19 pandemic.

The meeting of the ECC deliberated in detail and approved the summary presented by the Ministry of National Food Security and Research for purchase of 175,000 metric tons imported wheat by World Food Programme (WFP) from the PASSCO’s stock for Pakistan and Afghanistan.

The wheat flour will compliment to the WFP’s food basket for distribution to the food vulnerable population in Pakistan and Afghanistan within the WFP’s commitment to eliminate hunger.

The ECC after discussing the summaries submitted by the Ministry of Industries and Production on Contractual Obligations of Heavy Electrical Complex (HEC), provision of un-targeted subsidy for November and December 2021 under Prime Minister’s Relief Package, exemption of duties and taxes for uninterrupted supply of oxygen gas in the country for medical purposes and summaries tabled by Ministry of Petroleum seeking permission to amend the petroleum concessions agreement allowing GHPL assignment of working interest in Wali, Jandran West, Saruna and Pezu blocks of OGDCL, as well as, regarding levy of sales tax on subsidy granted by federal government to DISCOs, directed the concerned ministries/divisions to resubmit their summaries after revision of the proposals.

Petroleum dealers announce countrywide strike on November 25

Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin presided over a meeting of Technical Advisory Committee (TAC) of the ECC.

The TAC discussed the summaries in detail and proposed its recommendations for consideration of the ECC.

The meeting was attended by Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin, Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Industries and Production Makhdum Khusro Bakhtyar, Federal Minister for Energy Hammad Azhar, Federal Minister for Privatization Muhammad Mian Soomro, SAPM on Poverty Alleviation Dr Sania Nishtar, relevant federal secretaries, and other senior officers.

Copyright Business Recorder, 2021

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