Business
ECC okays increase in profit margins for petroleum dealers and OMCs – SUCH TV
The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved revising the profit margins of oil marketing companies (OMCs) and petroleum dealers on petrol and high-speed diesel. The meeting was chaired by Finance Minister Senator Muhammad Aurangzeb.
The adjustments, linked to the National CPI for 2023–24 and 2024–25, have been capped between 5% and 10%. The ECC decided that half of the approved increase will be implemented immediately, while the remaining half will depend on digitisation progress, with the Petroleum Division to report back by June 1, 2026.
According to sources, the margin for OMCs on petrol has been increased by Rs1.22 per litre, while the dealers’ commission has risen by Rs1.34 per litre. The same increases apply to high-speed diesel.
New vehicle-import scheme
The ECC endorsed amendments to the vehicle import procedure, retaining only the transfer-of-residence and gift schemes. Under the revised framework, commercial-import safety and environmental standards will apply, the allowable import gap has been extended from two to three years, and imported vehicles will remain non-transferable for one year.
Restrictions on chloroform imports
The ECC also approved restrictions on imports of Trichloromethane (chloroform) due to its carcinogenic and toxic properties. Going forward, chloroform may only be imported by pharmaceutical companies and only with a DRAP-issued NOC.
On a summary submitted by M/s Ghani Glass seeking a concessionary gas/RLNG tariff, the committee ruled the request untenable, noting that such subsidies are no longer allowed and that broader export-support measures are already underway.
Power sector and circular debt
The committee reviewed the Circular Debt Management Plan for FY 2025–26 presented by the Power Division.
The ECC directed the Power and Finance Divisions to prepare a medium-term strategy aimed at gradually reducing fiscal support.
It also instructed the Power Division to establish a monitoring mechanism with distribution companies to ensure compliance with targets committed to the government.
Technical grants and institutional reforms
The ECC approved a technical supplementary grant of Rs1.28 billion for the Pakistan Digital Authority (PDA) to support digital transformation across government departments.
It also authorised additional development funds for the Cabinet Division for FY26, as proposed by the Interior and Narcotics Control Division.
In addition, the committee approved allocating Rs5 billion to the Housing and Works Division through a technical supplementary grant for the current fiscal year.
On a summary by the Ministry of National Food Security and Research, the ECC endorsed the creation of a special-purpose company to wind up Passco and settle its outstanding liabilities.
It authorised the company’s incorporation, administrative and financial arrangements, and necessary regulatory exemptions, along with appointing initial subscribers and interim management.
The company will be dissolved once its mandate is fulfilled.
Additionally, the committee accorded in-principle approval for the release of budgetary allocation for PIA Holding Company Ltd (PIAHCL) to meet pension and medical related expenses of the PIACL employees.
The meeting was attended by Minister for Petroleum Ali Pervaiz Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Investment Board Qaiser Ahmed Sheikh, along with federal secretaries and senior officials from the concerned ministries, divisions and regulatory bodies.
The government is set to pay oil marketing companies (OMCs) up to Rs176 per litre under price differential claims (PDCs) in the wake of the decision against fuel price hike in the country, read the Ministry of Energy’s (Petroleum Division) letter addressed to the Oil and Gas Regulatory Authority (Ogra).
The letter, dated March 20, says that the government will pay PDCs to the OMCS from March 21 (today) till March 27, which amounts to around Rs48 billion, with the payment set to be made by the Finance Division via the Ogra.
In this regard, the government will pay a price differential of Rs176.41 per litre on high-speed diesel (HSD) and Rs77.98 per litre on petrol (MS) to the OMCs.
The PDCs will be paid as Prime Minister Shehbaz Sharif, on Friday, announced the government’s decision to keep the petrol and diesel prices unchanged for next week after rejecting a proposal to raise rates on the occasion of Eid ul Fitr.
The prime minister announced this during an address to the nation, delivered on the eve of Eid ul Fitr. The statement comes as the federal government was scheduled to review the fuel prices on March 20.
Previously, on March 13, the government maintained the petroleum prices despite a surge in global oil prices.
Addressing the nation today, PM Shehbaz referred to the global situation in light of the Middle East conflict between Iran, US and Israel leading to the closure of the Strait of Hormuz — which has disrupted the oil shipping routes resulting in hike in global oil price — and said: “Today, the world is facing an extraordinary test. [Mideast] conflict has shaken the global economy as well as peace and stability”.
The premier pointed out that attacks on energy installations in brotherly countries have worsened the crisis. “There is a fear that this crisis may intensify further,” he said.
Highlighting the economic impact, the prime minister said oil prices in the global market have surged sharply. “Oil, which was priced at $72 per barrel just weeks ago, has now reached $158 per barrel,” he stated.
The prime minister warned that the situation could lead to rising inflation.
The prime minister further said that another increase in oil prices had been observed in the week starting today, after which he was advised again to raise petrol by Rs76 per litre and diesel by Rs177 per litre, but he rejected the proposal.
“So, the federal government will bear the additional burden of Rs45bn once again,” the PM added.
He said the federal government had spent Rs69bn from its savings and development budgets over the past two weeks to prevent petrol prices from rising by Rs127 per litre and diesel by Rs252 per litre.
Business
Petrol and diesel price today: Premium petrol price hiked; how much fuel costs in your city today? Check list – The Times of India
As the Middle East conflict continues to boil and oil continues to soar, consumers are growing concerned about the cost of petrol and diesel. State-run oil marketing companies have raised prices of premium petrol variants by more than Rs 2 per litre, while keeping retail rates of regular petrol and diesel unchanged. The hike affects high-performance fuels such as BPCL’s Speed, HPCL’s Power and IOCL’s XP95, with increases ranging between Rs 2.09 and Rs 2.35 per litre. Despite the revision in these premium offerings, there has been no change in the price of regular petrol, according to ANI.At the same time, industrial consumers are facing a steep rise in diesel costs. The price of bulk diesel was increased by around Rs 22 per litre on Friday, mirroring the surge in global crude oil prices amid the ongoing Middle East conflict. In the national capital, the price of bulk diesel has been revised upwards from Rs 87.67 per litre to Rs 109.59 per litre.
In contrast, retail fuel prices remain steady, with normal diesel still priced at Rs 87.67 per litre and petrol at Rs 94.77 per litre. At a media briefing, Sujata Sharma, joint secretary, ministry of petroleum and natural gas, assured that there is no increase in prices of normal petrol and diesel.Here’s how much petrol and diesel cost in your city today:
The divergence between stable retail fuel prices and rising industrial fuel costs comes as global oil markets remain volatile. Crude prices climbed to $119 per barrel on Thursday amid the intensifying Iran war, before easing to around $108 per barrel.The ongoing Iran conflict has significantly disrupted global energy dynamics, particularly around the Strait of Hormuz, a key transit route for nearly 20% of global energy supplies. Heightened attacks on energy infrastructure by both sides, Iran and Israel-US, along with concerns over shipping disruptions, have pushed crude prices above $100 per barrel, with peaks nearing $120.India’s dependence on imported crude makes it particularly vulnerable to such disruptions. The country sources about 85–90% of its crude oil from overseas, with roughly 40–50% passing through the Strait of Hormuz. Any disturbance in this route raises freight and insurance costs, increases the overall import bill and heightens the risk of supply constraints.Analysts caution that even a $10 increase in crude oil prices can significantly expand India’s import bill and fuel inflationary pressures. The effects are already visible, with pressure on the rupee, foreign investor outflows, and growing concerns over rising fuel and LPG costs.
BENGALURU: Walmart-owned e-commerce firm Flipkart on Thursday said its group chief financial officer Sriram Venkataraman is quitting the firm as the company prepares for its next phase of growth and a potential public listing.Venkataraman will remain with the company for a period to ensure continuity and a smooth handover, Flipkart said. During this transition, Ravi Iyer will oversee the broader finance organisation.The move comes as Flipkart tightens its leadership structure ahead of a potential IPO, sharpening focus on profitability and scale. Flipkart group CEO Kalyan Krishnamurthy said Venkataraman played a key role in building and strengthening the finance function.
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