Fuel prices likel to rise as ECC approves hike in oil marketing companies’ and dealers’ margins

The Economic Coordination Committee (ECC) has approved a 5 to 10 percent increase in the margins of Oil Marketing Companies (OMCs) and petroleum dealers, which could result in a Rs2.56 per liter rise in petrol and diesel prices.

The decision was taken during an ECC meeting chaired by Finance Minister Muhammad Aurangzeb on Tuesday.

The approval specifically covers profit margins for OMCs and petroleum dealers on petrol and diesel.

According to the official statement, half of the margin increase will be applied immediately, while the remaining half will be linked to the completion of digitization processes.

Sources indicate that this increase in margins is expected to directly impact retail fuel prices, leading to a potential rise of PKR 2.56 per liter for both petrol and diesel.