Islamabad: The federal government has decided to create a cost cushion of PKR 5 to 10 per litre on its revised petroleum levy in order to tackle volatility in the prices of petroleum products in the country — a news source reported on July 30.
Reportedly, the Economic Coordination Committee (ECC) of the cabinet has already approved the plan proposed by the Petroleum Division. The decision will now be presented for approval before the cabinet in its next meeting.
It is expected that as a result of these changes, the diesel prices will rise by approximately PKR 8.5 per litre, while the petrol prices are expected to rise by PKR 5.1 per litre. However, according to sources, the government will not increase the prices before Eid.
The ECC had also approved changes in the petroleum pricing mechanism, according to which the prices will be updated every 2 weeks. The change is expected to ensure fair competition, along with tackling volatility in prices.
