The decision to increase the price of petrol and diesel by Rs 2.5 more, the Petroleum Division was directed to prepare a summary.
According to the details, it has been decided to increase the price of kerosene, light diesel, and petrol and diesel by another two and a half rupees in the IFEM meeting of the SIFC Executive Committee. The decision to increase 2 rupees to 50 paise per liter will be effective immediately on petrol, diesel, kerosene, and light diesel oil.
Sources said the recent hike in petrol and diesel prices will be transferred to e-escrow accounts that will be used for refinery upgrade projects, a temporary arrangement, and will continue till the next budget.
The SIFC meeting directed OGRA to review the impact of the increase in IFEM and prepare a summary for the Petroleum Division, which will be submitted to the ECC for approval. Parco, which has a 48% market share, is against the increase in IFEM, it was quoted as saying.
In the meeting, the Petroleum Division has been directed to submit a workable plan within a week to initiate the $5-6 billion upgrade projects of local refineries. The recent increase will be no less than a bomb on the inflation-ridden public.
