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ISLAMABAD: The federal government had announced Rs10 per litre cut on petrol and high speed diesel (HSD) for first half of March, which inflicted financial losses to the retailers (petrol pump owners) as they had bought petrol and high speed diesel (HSD) at hefty prices from oil companies.

“Such an overnight decision was never taken before and we were taken by surprise. About 7,500 petrol pump shave financial losses. We are taking legal view to find out if we can claim a refund from oil companies. If the government had informed us in advance about reduction in oil prices, we would not have stocked petrol,” one of the owner of petrol station located in capital city said on the condition of anonymity.

Pakistan Petroleum Dealers Association (PPDA) Secretary Noman Butt told Business Recorder that the petrol pumps and ‘’a few’’ oil marketing companies (OMCs) would face financial losses due to heavy stock in wake of expected oil prices domestically.

He maintained that the OMCs had to keep 20-day mandatory stock of petrol and HSD as per rules and regulations of the Oil and Gas Regulatory Authority (OGRA) Ordinance, 2002.

The government has slashed the petroleum levy (PL) on ex-depot price of petrol by Rs16.11 per litre and on HSD by Rs13.30 per litre. However, the government has allowed increase in the ex-refinery price of the petroleum products.

The ex-refinery price of petrol has been raised by Rs5.21 per litre from Rs131.30 to Rs136.51 per litre beside increasing IFEM by 0.36 paisa from Rs3.88 to Rs4.24 per litre.

The ex-refinery price of HSD has been increased by Rs5.65 per litre to Rs135.27 from Rs129.48 per litre besides Rs2.28 per litre price differential claims by oil companies besides increasing distance margin (including extra margin) by 0.04 paisa from Rs3.82 per litre to Rs3.86 per litre and IFEM reduced by 12 paisa from Rs1.95 to Rs1.83 per litre.

While talking to Business Recorder, Ghayas Paracha owner of petrol stations said that the petroleum retailers had yet to receive details of taxes on their sale. He said OMCs would suffer financial losses but petrol pumps would suffer more which had huge stocks.

When contacted Pakistan State Oil (PSO), a major share-holder of petroleum products, said that they were watching the situation.

Copyright Business Recorder, 2022

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