According to a private TV report, proposals to increase the profit of oil marketing companies and dealers on petroleum products are under consideration, after which the price of petrol and diesel may increase by Rs 2.40 per litre.
Sources say that the Petroleum Division has sent a summary regarding the increase in margins to the Economic Coordination Committee (ECC). The summary proposes to increase the margin of OMCs and dealers from Rs 1.10 per litre to Rs 1.28 per litre.
At present, the profit of oil marketing companies on a litre of petrol and diesel is Rs 7.87, while the commission of dealers is Rs 8.64 per litre. Consumers are already paying Rs 16.51 per litre to OMCs and dealers; however, further increases will be implemented only after the approval of the cabinet.
It should be noted that the government had slightly reduced the prices of petroleum products on December 1. The price of petrol was fixed at Rs 263.45 per litre after a decrease of Rs 2, while the price of high-speed diesel was reduced by Rs 4.79 to Rs 279.65 per litre.
