- Petrol diesel prices likely to go up to Rs2.56 per litre: sources.
- The committee approves changes to the procedure for importing vehicles.
- The ECC approves a summary that seeks to limit the importation of chloroform.
The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved a proposal to revise the profit margins of oil marketing companies (OMCs) and oil dealers on petrol and high-speed diesel.
The ECC meeting was chaired by Finance Minister Senator Muhammad Aurangzeb.
The adjustments were made in line with the national consumer price index (CPI) for 2023-24 and 2024-25, with increases of between 5% and 10%.
It also decided that half of the increase in margins must be paid immediately, while the remaining half will be contingent on digitization progress, with the Petroleum Division reporting back no later than June 1, 2026.
Sources said Pakinomist news that the decision would push the prices of petrol and diesel by up to Rs 2.56. per litre. An increase of Rs 1.28 per liter in petrol and diesel prices will be passed on immediately, they added.
It was found that the increase of Rs 1.22 per liter in the OMCs’ margin on petrol has been approved, while dealers’ commission on petrol has been raised by Rs 1.34 per litre.
For diesel, OMCs’ margin has also been increased by Rs1.22 per liter and dealers’ commission by Rs1.34 per litre, the sources added.
New scheme for car imports
The committee approved changes to the procedure for importing vehicles that only retain transfer of residence and gift schemes.
Under the revised framework, commercial import safety and environmental standards will apply to these schemes, the interim import period will be extended from two to three years, and imported vehicles will remain non-transferable for one year.
Restrictions on the import of chloroform
The ECC of the Federal Cabinet also approved a summary seeking restrictions on the import of chloroform due to its toxic and carcinogenic nature and decided that Trichloromethane (chloroform) would be imported only by pharmaceutical companies and only with a DRAP-issued NOC.
It also considered a summary regarding the claim of M/s Ghani Glass for a concessionary gas/RLNG tariff and decided that the claim was unsustainable as such subsidies were no longer permissible and wider export support initiatives were already underway.
It also reviewed the circular debt management plan for the financial year 2025-2026 presented by the Power Division to ensure financial sustainability and efficiency in the power sector.
The ECC called on the Power Division, in coordination with the Finance Division, to develop a medium-term plan to gradually reduce fiscal support.
It also asked the Power Division to put in place a follow-up mechanism with the distribution companies (Discos) to ensure delivery of the targets committed to the government.
On another summary, the committee approved a technical supplementary grant of Rs 1.28 billion to the Pakistan Digital Authority (PDA) to facilitate digital transformation and technological innovation across government agencies.
The committee also approved the release of funds as technical supplemental appropriation related to the development expenses of the cabinet department for FY26, as proposed by the Department of Interior and Narcotics Control.
The ECC also approved the allocation of Rs5 billion to the Housing and Works Division through a technical supplementary grant for the current financial year.
On a summary from the Ministry of National Food Safety and Research, the ECC approved the creation of a special purpose company to liquidate Passco and settle its remaining liabilities.
It approved the company’s incorporation, administrative and financial arrangements and necessary regulatory exemptions, along with the appointment of first subscribers and interim management.
The company will be dissolved when its mandate is fulfilled.
Additionally, the Committee accorded in-principle approval for release of budget allocation to PIA Holding Company Ltd (PIAHCL) to meet pension and medical related expenses of the PIACL employees.
The meeting was attended by Petroleum Minister Ali Pervaiz Malik, Power Minister Sardar Awais Ahmad Khan Leghari, Investment Board Minister Qaiser Ahmed Sheikh along with federal secretaries and senior officials of the concerned ministries, departments and regulatory bodies.
— With additional input from APP.
