Petroleum dealers have postponed their planned nationwide strike after the government approved a Rs1.34 per litre increase in their profit margin, the Finance Ministry and Pakistan Petroleum Dealers Association (PPDA) said on Friday.
The Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, approved the revision in margins for petrol and high-speed diesel, according to the Finance Ministry.
The increase will raise dealers’ margin from Rs8.64 to Rs9.98 per litre, bringing it close to Rs10 per litre, the PPDA said.
PPDA Chairman Bakhsh announced that the strike planned for Saturday had been postponed following the government’s assurance. However, he warned that the association would continue its protest until all its demands were addressed.
PPDA Vice Chairman Tariq Hassan said dealers had not received a margin increase for three years, leaving around $50 million allegedly outstanding with the government.
The association had issued a 72-hour ultimatum to the government on Wednesday, threatening to shut petrol stations nationwide from 6am on Saturday if its demands were not met.
Meanwhile, Bakhsh said petroleum prices could potentially return to a seven- or 15-day revision cycle instead of the current daily mechanism. The government, however, has rejected the dealers’ demand for monthly price adjustments and said daily price revisions would continue.
