Petrol price: No relief for masses as govt set to hike OMCs margin.

ISLAMABAD -- The federal government has decided to increase the margin for oil marketing companies (OMCs) rather than providing relief to the general public following decline in prices of fuel in the international market, ARY NEWS reported.

It has been proposed to increase the margin for the oil companies by 63.04 percent with sources saying that the margin for OMCs on petrol and diesel will be hiked by Rs2.32 per litre to Rs6. 'Currently the margin for OMCs on petrol and diesel is Rs3.68 per litre,' they said.

The sources said that the approval in this regard will be taken from Economic Coordination Committee (ECC) and the federal cabinet.

The Economic Coordination Committee (ECC) on Thursday approved an increase in sales and distribution margins of oil marketing companies (OMCs) and petroleum dealers.

A well-placed source in the finance ministry told ARY News that the ECC meeting presided over by Finance Minister Miftah Ismail here In Islamabad has accepted the demands of...