As per a recent media report, the government is planning to raise fuel prices again, despite having already increased the prices of fuel twice in January 2021. The report suggests that the government is planning to further hike the price of petrol by Rs. 1.03 to Rs. 110.23 per liter and high-speed diesel (HSD) by Rs. 0.95 per liter to Rs. 114.14 per liter.
The report adds that the Petroleum Division has provided a summary of the development to the Economic Coordination Committee (ECC). Furthermore, a meeting is scheduled to take place today, whereby the increase in margins of oil marketing companies (OMCs) shall be sought.
On motor spirit (petrol) an increase of Rs. 0.45 per unit and an increase in dealers’ commission margins by Rs. 0.58 per liter shall be requested. Moreover, the summary also demands a raise in OMCs, margins on HSD by Rs. 0.45 per liter, and dealers commission profit by Rs. 0.50 per liter.
This implies that the OMCs margin on one liter of petrol shall be bumped up to Rs. 3.26 per liter from the current Rs. 2.81 per liter. Plus, the dealers’ commission is like to be increased to Rs. 4.28 per liter.
Likewise, the OMC profit margins on HSD will go up to Rs. 3.26 from the current value of Rs. 2.81. As for the dealers’ commission on HSD, they are set to increase up to Rs. 3.62 per liter from the ongoing Rs. 3.12 per liter.
Via: The News