Petroleum dealers on Thursday decided to call off their countrywide strike after talks between the Petroleum Division and Pakistan Petroleum Dealers Association (PPDA) were successful.
According to a notification issued by the Petroleum Division, the parties appreciated the proposal of an increase of Rs0.99 per liter increase in petrol dealer profit.
Dealer profit on petrol will increase by Rs0.99 to Rs4.90 per litre.
While, dealer profit on high speed diesel will increase by Rs0.83 to Rs4.13 per litre, the notification read.
It is pertinent to mention here that the PPDA had announced a nation-wide petrol strike till an indefinite period from today (November 25) due to "low-profit margins".
Petroleum Division officials said that a summary seeking a raise of Rs0.99 or 25% increase in the profit margin has been sent.
The government assured the petroleum dealers to review the profits every six months.
Federal Minister for Information and Broadcasting Fawad Chaudhry confirmed the news on his official Twitter handle.
Earlier today, the ministry of energy and petroleum spokesperson had said that the ministry has sent the approval for an increase in the margins of oil marketing companies (OMCs) to the Economic Coordination Committee (ECC).
"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."
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