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ECC to approve hike in OMCs’ margins
Considers proposal to allow interim increase of 6.5% on sale of petroleum products
Committee had recommended increase in margins of petrol and diesel by Rs0.19 per litre to Rs3 per litre each for OMCs. PHOTO: FILE
ISLAMABAD:
The Economic Coordination Committee (ECC) is likely to allow interim increase in margins of oil marketing companies (OMCs) by 6.5% on sale of petroleum products.
Earlier, the ECC had considered a proposal to hike margins of OMCs. However, it had constituted a committee to analyse and examine the margins historically before taking any decision.
The economic decision making body was informed that a study was not conducted by Pakistan Institute of Development Economics (PIDE) as the Oil and Gas Regulatory Authority (Ogra) and Planning Commission were not ready to bear the expenses.
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Pakistan books 11 cargoes of LNG
Imports aimed at bridging fuel deficit in the economy
In Pakistan, consumption of imported gas has remained low mainly due to the gas import contract at higher price. PHOTO: REUTERS
KARACHI:
Pakistan has booked 11 cargoes of liquefied natural gas (LNG) to be imported during March to partially bridge the deficit part of the fuel in the growing domestic economy.
The imports would, however, be made at an eight-month high price at $9.59 per metric million British thermal unit (mmbtu).
The government would make the expensive imports partly due to uptrend in the energy prices at global markets for the past couple of months and partly due to signing of 15-year long LNG import agreement with Qatargas at a higher rate by the previous government in the centre.
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