In the meeting of the executive committee of the Special Investment Facilitation Council (SIFC), it was decided to increase the price of petrol, diesel, kerosene, and light diesel oil by Rs 2.5 per liter.
According to Moqar National Newspaper, the effect of the price increase will be transferred to the e-escrow (ESCROW) accounts which will be used for the upgrade projects of the refineries. This will be a temporary arrangement and will continue till the next budget.
The SIFC meeting directed OGRA to assess the impact of the price hike and prepare a summary for the Petroleum Division, which will be submitted to the ECC for approval.
Parko, which has 48 percent of the market, is against the increase, calling it a temporary arrangement.
In the meeting, the Petroleum Division was directed to submit a workable plan within a week to initiate the $5-6 billion upgrade projects of the local refineries.
It should be noted that the increase in the prices of petroleum products will be announced on December 15.
