The Economic Coordination Committee (ECC) of the interim federal cabinet agreed on Wednesday to raise dealer profit margins for gasoline and diesel by Rs. 1.64 per litre, with an additional increase of Rs. 1.87 per litre on both grades in OMC margins. However, the ECC was unable to approve a bailout plan for Pakistan International Airlines.
Caretaker Dr. Shamshad Akhtar, the federal minister of finance, revenue, economic affairs, and privatization, presided over the ECC meeting.
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Additionally, a summary of the Ministry of Energy’s Petroleum Division’s “Revision of OMCs and Dealers Margins on Petroleum Product: MS & HSD” was taken into account. The ECC resolved to increase the margins on MS and HSD for the petroleum dealers by Rs. 1.64/liter over four installments of Rs. 0.41/liter starting on September 15, 2023.
In addition, it was decided to increase the OMC margin on MS and HSD by Rs. 1.87/liter starting on September 15, 2023, in four fortnightly installments of Rs. 0.47/liter.
Additionally, following a thorough discussion, the ECC resolved that in order to guarantee effectiveness and timeliness, these margins would be established by OGRA in accordance with a systematic mechanism that OGRA would design after taking into account PSO’s operational costs for OMC and dealers.
A summary titled “Financial Support for PIACL & its Restructuring” was presented by the Ministry of Aviation. The Chair received a thorough briefing from Secretary Aviation on the organization’s financial obligations, liabilities, and need for reorganization.
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The ECC examined and went through the restructuring plan’s budget and schedule. It was decided to form a separate committee for the evaluation of the PIA reorganisation plan after extensive discussion and deliberation.
The ECC also turned down PIA’s request to postpone payments of Rs. 1.3 billion per month to the FBR for FED and Rs. 0.7 billion per month to the CAA for embarking fees. Additionally, it was resolved that the Finance Division and the State Bank of Pakistan would assist PIA in overcoming its financial difficulties after a specific restructuring plan had been developed and submitted to the Committee’s satisfaction.
The ECC also authorised a Technical Supplementary Grant worth Rs. 40 billion for various Defence Services projects that were approved as well as for subsidies and other expenses for the fiscal years 2023–2024. The money has already been budgeted for the current fiscal year, so it won’t be released all at once but rather case by case.
The Minister of Planning, Development, and Special Initiatives, Sami Saeed, Gohar Ijaz, minister of production, industries, and commerce Minister of Communication, Maritime, and Railways Shahid Ashraf Tarar Muhammad Ali, Minister of Petroleum and Power, The meeting was attended by the Federal Secretaries, Dr. Waqar Masood, the PM’s advisor on finance, Air Marshal (Rtd) Farhat Hussain Khan, the PM’s advisor on aviation, Governor SBP, Chairman SECP, and other senior authorities.
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