Following the protest from petroleum dealers, the ministry of energy and petroleum has sent the approval for an increase in the margins of oil marketing companies (OMCs) to the Economic Coordination Committee (ECC), the spokesperson said on Thursday.
"The dealers' margin has been increasing by Rs0.20 in the past," he said, adding that this time a request for an increase of Rs0.99 has been made which will "offset all past losses incurred by the dealers."
On Wednesday, the Pakistan Petroleum Dealers Association (PPDA) had announced to go on a countrywide strike from today (November 25) till an indefinite period to register their protest at what they call "low-profit margins".
The association had said they will not hold talks with authorities till their profit margins on the sale of petroleum products are not increased by 6%.
However, the Ministry of Energy (Petroleum Division) immediately announced that all petrol pumps will remain open across the country.
The spokesperson reiterated that the ministry is not in the favour of imposing an additional burden on people.
"Major oil marketing companies (OMCs) of Pakistan, whose petrol pumps are open, are trying to convince other pump owners to keep their pumps open.
The official maintained that many dealers are ready to open their pumps but they are being stopped.
Furthermore, he added that in future as well, margins will be determined after every six months keeping in view the inflation figures in the country.
The Oil and Gas Regulatory Authority (OGRA) has finalised a plan to alleviate people's worries, the spokesperson said, adding that the oil stock is abundant in the country at present.
Meanwhile, according to the Ministry of Energy, most of the petrol pumps of state-owned Pakistan State Oil (PSO) remained open today.
"Orders have been issued for opening of remaining petrol pumps of PSO," the spokesperson said.
On the other hand, Federal Minister for Energy Hammad Azhar and Gas & Oil Pakistan (GO) CEO Khalid Riaz held a meeting today. Following which Riaz said that orders have been issued to reopen the rest of the petrol pumps across the country.
Earlier today, rejecting the PPDA's demand for rising their margin, Azhar said that the government would not bow to the "illegitimate demands".
"Some groups want a hike in prices of petroleum products by Rs9," revealed the minister. "The government will not hike prices of petroleum products by Rs9 per litre to appease a few companies."
Azhar condemned the demand of petroleum dealers, saying that creating difficulties for the common man was unfortunate.
The energy minister said he had already submitted a summary to the Economic Coordination Committee (ECC) to increase the margin on the sale of petroleum products.
"A decision in this regard will be taken by the next meeting. However, only legitimate demands will be fulfilled," he stated.
He said the government was aware of the difficulties that petrol pump owners were going through, adding that they should also realise the difficulties that people are facing due to the strike and reconsider their decision.