ECC approves hike in petroleum product prices

Islamabad: The Economic Coordination Committee (ECC) has approved an increase in the prices of petroleum products.

According to media reports, the Economic Coordination Committee has approved an increase of Rs4.12 per liter in the price of petrol and high-speed diesel to cover the losses of refineries, oil marketing companies, and dealers.

According to the report, this increase will be adjusted to the expected relief due to the decline in oil prices in the global market from May 16. The government may issue a notification today.

Yesterday, the Economic Coordination Committee decided in principle in its meeting that a partial discount of Rs4.12 per liter out of the expected reduction in the prices of petroleum products from May 16 will be transferred to refineries, oil marketing companies, and dealers.